Good afternoon,
Your synopsis is correct, however, in the pinky arcade a chart only means at the moment based on sentiment and not concrete info. Aside of the fact that we may run into very current negative news or events. In this case was the update on OTC. Remember the OTC was based on the S-1 of January 23, but we held up nicely that trading session.
Your assumption is correct when you stated, "on heavy volume".
Pinksheet charting is based on current momentum and unlike charting for more established issues is based on past performance, albeit cannot establish a forward-looking end result.
Now, I would never underestimate basic charting, but it only corresponds to current daily events.
In the pinks, it's all about news good or bad that's it.
What is happening in today's session was an even display of sellers meeting buyers based on the OTC and nothing more. This is what is called as a realignment based on current numbers.
See the S-l added although restricted about 23m give or take to the O/S, which still amounts to dilution, albeit not a large number, but still reflects back to Real Numbers, not P/E unlike large cap or established that carry accounting measures within the P/E ratio.
Then you have the MM's that played into this downdraft, and they saw this event early this morning on the lineup and they accommodated the downward pressure.
I can assure you that any news pending will negate any movement or downward pressure and we head back up.
It appears we have stabilized and met the equilibrium and will float in this general level, but appears we leveled off.
Welcome to the world of the pinky arcade.
Target .21 by Spring.
Have a good day
varok
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