Wednesday, May 02, 2007 11:35:02 AM
The chart has some technical damage and it should takes some time to repair. When the stock was going up it would have a Little pullback (hardly none) and longs would be ready to jump in. When it got shorted the opposite set up so we had a high volume sell off on low volume rally into the 38% retrace resistance a bear flag. This invited shorts who missed the first opportunity to short again. This is necessary as it builds a base and reestablishes strong support. If the dips keep on getting bought, over time the shorts will find it not so great to trade on the short side and the longs will find it great to buy the dips.
This is a popular trading stock now as it can move up and down and up 5-12% pretty quickly so these swings or really ok.
Today it got to $5.75 and it moved back up too fast for me to get any but - up 8% to $6.18 in moments so day traders made some fast money or long termers a good price.
I am a consultant for NNRF, Inc and own personal shares
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