I believe we hit $1.91 in after hours prior to profit taking ensuing, driving the shares back down into the low $1.70's
Resistance is clearly $1.94'ish and I'm sure shorts will try to scare the bulls by putting up large orders on the offer at $2
Bulls will simply have to lift those offers and I'd imagine once that level is breached, shorts aren't really going to be scrambling to cover. There will be a grind back and forth probably approaching resistance at $2.30 and then perhaps a sell-off right back down to the $2 level prior to several days grinding sideways before another retest of $2.30 occurs. What is quite perplexing to me is that this stock should have gapped up and ran hard when earnings were announced pre-market. I sat in on the conference call which was around 11:00 a.m. I believe. It was absolutely amazing. I won't get into the particulars but I did post the transcripts of the call here. A replay is available on the corporate website. I would love to post a chart here that I annotated but it's just too much of a pain in the ass to post charts via the mobile app. It's almost impossible. You have to launch a separate web browser then login on a web browser then go to the gallery and then upload the picture and then copy and paste the code and then come back to the app and paste it here. I have no idea why this website is so antiquated for something so simple. In any event, I think it's going to take most likely several more sessions to breach the $2 level and this will most likely occur by Tuesday and perhaps a test of $2.30 by Wednesday. Not really anticipating the company dropping any news as they just laid it all out there on their q1 earnings report.
By every single metric, this stock is grossly oversold. We have plenty of cash to pay for the afromax tanker in July and we have a solid year to pay for the most recent acquisition, meanwhile we will most likely be pulling in nearly double the $5.6 million we pulled in, in Q4 alone. Can't believe we are still trading sub $2 with a market cap below $9.7 million dollars, a micro float, short interest over 45% and climbing, the reality that the majority of these warrants have already been converted and exercised based upon the average daily volume weave seen over the past several weeks. There simply is nothing holding the stock back other than naked shorts that are so stupid to beholding their positions for such a long time. We are definitely going to have a bull run on the stock and naked short covering is just going to fuel the fire. I could see us gapping up and running clear to over $3 per share on the day that happens.
Rest easy this weekend bulls. The tide has indeed turned...
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