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Tuesday, November 21, 2023 4:14:02 PM
The longer the share price stays in a tight range, the more the RSI has time to cool and then returns to the oversold level. Translation - when more news comes out the price has plenty of room to run before the RSI needs to reset again. If the price appreciates steadily with the release of any more news then the RSI will not need to cool down at all because it will remain in the accumulation zone.
Meanwhile the stock continues to have even more buyers lining up to take advantage of dips the lower it goes.
On average, it seems that buys and sells each day are in a ratio of three to one.
The fact that the career bashers are here clearly indicates that the market makers who are paying them, have a significant uncovered short position which they have not been able to cover by the usual methods of manipulating the bid and the ask on those tiny sells. That, as well as the fact that they are moving heaven and earth to keep the stock price under 13 which is also a strong resistance shows desperation where their stop loss hunting (as could be seen on BLFR today) only creates an excellent buying opportunity!
Then finally, as the Bollinger Bands tighten up the price gets ready to break out. You may wish to note that the very well known I like BB who is one of the longest registered IHub users takes his name from Bollinger Bands!
My post are my opinion only. You should do your own due diligence before investing in any stock or take professional advice. I am not an investment advisor. Kind Regards.
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