ONE HOUR into trading day, and it's flat-lined out, dead in the water again. Bid is showing .0153 and Ask over .02? Is that even updated yet this AM? That's a low bid and a huge, enormous spread if correct?
Hasn't posted a single trade yet? It's not set up for some big "run" upward IMO. It's looking technically weak, and volume weak, weak all the way around. Couldn't even break and hold the 50 DMA let alone the 200 DMA and keeps bumping up against 2 cents now.
No big "run" IMO, not when it can't even post a lousy $100 trade or whatever on open, like all the other stocks. If it couldn't hold that PR-HYPE spike on Monday, on 5 million plus shares, then what's gonna drive it higher now, or anytime soon? It simply sold off right back into that strength, in a 24 to 48 hour period. Lot of bag holders made that day.
When it goes low volume, flat lining like this, historically, all it takes is one or two major, "big boy" sellers to post a sell order or two of "size" and they can sink it 20% or more in the blink of an eye. No buyer's around.
Yep, Diesel, historically when it gets in this slooooow mode, I call "flat-lining", it's look out below time, IMO. It will usually make a large drop within the week or so of this occurring. It just takes one of the holders of the 10's of millions of low priced dilution shares (many are at 1 cent or so), only needs to unload a small chunk of their holdings, and when there's very few buyer's, or hardly any trades for that matter, it drops like a boat anchor.
It made it's all time historic low of .0063 in Dec last yr, very similar pattern to the way it's setting up end of yr again, right now, IMO.
And now Magna is going to be on-board with a toxic, convertible debt note soon, with a steep discount built in and then at least 9 MILLION (maybe as much as 15 MILLION) more low priced Magna shares as their "fee" portion alone for this new, 24 month credit line. So just a lot more low priced shares about to be in the on-deck circle to hit the selling block soon, IMO.
