Anything is possible - but I suspect $0.50 to be bottom at worst, maybe $0.495... If we fall any further than that, I'd be concerned of breaking the all time low at $0.4135, and forming a new low or the floor dropping out...
Generally speaking, what is appealing here on an otherwise nose diving stock (span out a few years, since company inception - it's just plummeted), is the fact we formed a base here to consolidate at, up and down primarily between $0.50/$0.55 and $0.70/$0.75... There was a one time dip to $0.4135, and a one time run to $0.8477... I'd be afraid of falling further if we threatened to break out of this range on the downside...
Also, we had a good trend line going upwards until the last few days, but up until now, we been building higher highs, and higher lows... And I think it's at least possible to tag the 200 day Moving Average (around $0.91 currently)... And if we can press through that, I see a possible run to about $1.25....
But again... If we fall below $0.50, I'd be worried... And a fall much further below recent lows of this dip would potentially bust the higher high, higher low theory... Which in itself would be concerning...
And the fear of mine currently is, these several days of sell of smells of dilution... They need to release some news or something and let it air out a bit if they're going to dilution, let it bounce again... Otherwise, we're destined to dropping out of our side ways range, especially if buyers are scared to buy...
Furthermore... What I noticed, is every recent bottom of every recent dip pivoted and bottomed out after a bullish harami candlestick pattern, followed by a gap up the next day, and a run up off the low... But... This time started the same, but today's action since has busted that... Possibly indicating a trend change again...
So I'm a little mixed feelinged here, my thesis here is holding on by a thread, but... Only that... A possible explanation to the difference is the interaction with the 50 day Moving Average... We need to get back above it asap, and hold on to that... Or I fear it's going to act as further resistance and push us down again... We're kind of at a make or break here... And I think a dip into the $40's is going to be the nail in the coffin...
We need a catalyst...
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AI
