Elray Resources Inc (ELRA)

[Taylor Orion]

There was the issuance of approx 350 million shares per the 8k on 30 oct. Some of this is probably just the cycling of remaining shares held by noteholders. Volume has also slowed significantly, so next round of buying pressure could push it right back up easily with the ask thinning out. Interesting chart set, without a whole lot of MM short sale utilization. Might just need another day of consolidation before recovery back to at least .0026. I wouldn't assume .01 any time soon, with the inflated levels of the float. Their revenues have to increase exponentially to support a stable run to sustain a level like that.