Grapefruit USA Inc (GPFT)

[madtig6]

The technical take..............................

Since it is obvious we are still month's away from submittal, nothing has changed.

Will there be an uptick this AM ? Possibly, but that will be short lived.

The basic structure of resistances and supports is still in place.

The pps will continue downward until it doesn't ---:0))

That's the best I can do at this point.

The way I would trade this ( and this is not to say I will trade it) would be to wait until the price bounces up from where ever, wait to be sure it's not a dead cat bounce, and then scale in as the pps rises...........averaging UP not DOWN !!

Some REAL news from the company might account for the bounce - doesn't matter WHY for the technicals.

May miss the low, but a few pennies down the road won't make a difference

The chart is still very negative at this point

Watch the .08 for support ( and possible reversal of downtrend)

Daily chart:

http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=4&dy=0&id=p33048897985&a=228499894

The weekly chart actually looks a bit stronger than the daily, but still weak. The MAJOR MAJOR resist above will be .14 - .15 ( remember those strong supports that held for so long ?)

Weekly chart:

http://stockcharts.com/h-sc/ui?s=IMGG&p=W&yr=2&mn=9&dy=0&id=p62667804998&a=228108388

Can't say this hasn't been an interesting stock !!!!!!!