Saturday, October 18, 2014 10:57:43 PM
There were only 30 trades Friday for a total of $51,193.09.
Up until your trade, the low was .285 and the high was .329.
The median price at that time was .307.
Throughout the session, 17 trades went off below the median with 13 above, which is a 57/43 split. Down pressure was greater than up, but not considerably...
... however the 17 "down" trades totaled $38,564.75, whereas the 13 "up" trades totaled $12,628.34, which is a 75/25 split. That is a strong case for a significant down day in terms of money flow.
Clearly the session underwent significant selling pressure in relation to buying pressure.
So I submit your "paint" was not representative of the general trading activity. On the other hand, your specific argument is that the .32-level would have held based on time.
Here are the time/sales in question:
$0.34 100 OTO 15:45:30
$0.291 17,258 OTO 15:42:39
$0.32 300 OTO 14:52:02
$0.328 280 OTO 14:08:57
$0.292 26,600 OTO 13:22:23
I see the time element of over 1.5 hours at > .32; but do you really want to make a case for 2 trades @ ~$92 & $96-- over 45 minutes after a ~$7,800 trade @ ~ .29 -- to fairly represent the stock price (.32-level) for the session based on time?
(FTR, the practice of "marking the close" is frowned upon by the SEC because they see it as a manipulative trading technique in order to affect the closing price of a security)
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