22nd Century Group Inc (XXII)

[Sendme]

Looks like we have traders flipping from 2.10 to 2.20

If for some reason this doesn't break to the upside soon and does go down, this is a low risk vs reward set up that I will be watching.

IMHO I think we will see some buying at that structured support back up to the 2.05 area and possibly come back down. Most traders that scaled out of their position would most likely set a stop loss just below the structured support and now if we get more buyers at the 1.90 area, they will too set a stop loss just below that structured support.
I think that the MM's see that and want to grab all of those shares before they run the price back up again which is why I will be watching that target area just below the structured support as I posted above.
A flag pattern normally retraces 50% which is where we are now, and with little volume, that pattern may not hold. So on the next which is the fib .618-.786 continuation play.


This is an example of what I think they will do again as they did last time if current price does not hold.

Best of luck everyone.