XG Technology Inc (XGTI)

[finesand]

Bullish Reversal In Progress, Finally

01 posted on ST a long term fibo retracement of 3.61 -> 1.28 covering the whole uptrend recovery since 2016-12-29.

Now back up to 79% fibo retracement 1.79.
Bounce of lower Bollinger Band (BB), price+RSI on uptrend line.

Next? $2.05 should be recovered, price of the small offering. Then 2.13 D 20ma and 2.18 next fibo lines should be recovered. Afterwards 2.46 is the next target, etc ..

(edited for readability)

Seems to match the play and post ER plunge due to the quite small offering surely overdone. The D 20ma 2.13 should be crossed in appreciation of this company's great progress. SG&A was a bit too high, but this number fluctuates over the quarters, so next one could become (close to) EPS positive again. But after all, this is great progress for this company.

The run-up towards the upper BB will be really interesting.



PS: Small offering has been closed within days on 8/18,
1.56M shares @ $2.05 without over-allotment - which is important here. 780k Warrants @ $2.50 strike play along with above described recovery. Hence even dilution wise with 89% retention this should move back up to $2.23 minimum assuming the previous $2.45 price level. I am sure this stock would have been back to $3 without this irritation, which would now be equivalent to $2.67.