LWLG...This stock broke out from its multi-month range locked $1.25-$1.35 area after the news I posted on the board a few days ago. As I fully expected - due, not to my charting knowledge, but only my history of following this stock for ten years now - it ran to the next area of resistance ($1.50-$1.60).
Next - in what can only be described as a textbook price retracement - the stock traded to an intra-day low of $1.34 on Friday, only to reverse higher and close at $1.53 (the high of day), bouncing right off of the old resistance of $1.35. This trading action was nothing short of a work of art, and it did so on very healthy volume (239k) - thus eliminating any aberrant interpretation that a thinly traded stock might present.
This has been a perfect Asleep At the Wheel type of stock - though it has taken far longer to play out than some here might be willing to wait. It has had many rolls from the .75 area up to $2-$3 over the ten years I have held it, and while that may seem like a decent return to some - which it is - the real payday, I believe, will be multiples of that price (and so do many others).
Time will tell..
Ian
