Steer Technologies Inc (STEEF)

[foxi]

Watching this for signs of life. Some interesting stuff happening now.

Fibonacci retracements show pullback to approx the 61.8%-78.6% levels where it's trying to find support. This is a little low but commonly you'll see support for another run form around 61.8% if it's gonna. https://www.investopedia.com/terms/f/fibonacciretracement.asp

You DO NOT want to rely on Fib Retracements alone because they are argued to be a numerical anomaly not grounded in logical proof. Nevertheless if other charting indicators agree, it can be a useful thing to watch for an upcoming momentum swing.

The other thing I put in the chart is volume profile showing daily sessions. Price is trading below VWAP (the pink line) and until it decidedly crosses over and stays over, the current trend stays bearish. In VolumeZoneOscillator, notice how far bears are willing to move (three zones!) off the zero and how consistent the selling level is. This screams that someone (company insiders?) is dragging this down with strong dilution or distribution. The gains are the market trying to breathe between the intensive selling. As soon as selling starts, it's a constant three levels out of zone, and as soon as it stops, bullish momentum starts to build, rinse repeat.

IMO whoever this is wants to manipulate price so the charts appeal to technical traders, to drive the stock higher so they can get price back up toward $5-7 or higher to continue picking the pockets of a new round of bagholders. If you can avoid being a bagholder you can potentially take advantage of a second run.

In that scenario there would be flippers with regular profit taking along the way as technical traders avoid being bagholders, so these runs would only last a couple days each before another pullback. If this goes into an up channel, it would bounce between higher highs and higher lows every week until the pattern breaks. Swing trader's dream. :)