The Golden Lounge

[Theo]

Interesting movement via chart-

This is a 2-day / 1-minute timeline encompassing yesterday and today. It's obvious that ATOM opened to selling pressure from the get go Thursday after Wednesday's less-than-stellar CC. The heavy pressure selling lasted approx 2 hours in the morning (Thursday) with a second wave in the last hour (really last 30 minutes) of trading that day. I drew a support trendline at the $16.50 level as that appears to be support for Thursday fairly obviously. Because of the consistency and longevity of the selling episode, it most certainly could've been an unwind from a institutional entity. The later day selling, on the other hand, looks a little more haphazard with continuation this a.m. but much shorter lived (15-20 minutes) this morning. The difference is, this morning's little dump broke that support level. You'll notice that the red drawing I made highlighting the volume for this morning also encompasses a sudden surge in buying volume as well. Be that as it may, at this point it appears that heavy organized selling is over at the moment. I will watch that $16.50 level going into the close tonite and may consider taking out a larger position if it can regain up through that support before the close... If not, I'll wait til Monday to see how it plays out.

Of course today's &hitty market action is NOT helping to evaluate clearly...