lowtrade

[lowtrade]

OPTT

It has retraced to the 50% FIBs. No sign of that being the bottom, weak green day volume.
http://stockcharts.com/h-sc/ui?s=OPTT&p=D&yr=0&mn=3&dy=0&id=p45507025241
The TA has presented early sell signals and support indicators are both negative. Says don't expect comeback.

Any bounce from 50%, would take it to previous high. If it falls lower, future becomes less positive. Todays green day with way less then the red day volumes, tells me, those taking profits and leaving have done so. As for double down, I never recommend that. If you want to change your postion from a swing to position trade, then concider book value & news. The 12% short interest is a dead give away you are involved in a short fight. And per last report 10/15 the shorts were adding strong. Check here:
http://www.schaeffersresearch.com/streetools/filters/equity_si.aspx
So the gaps up to the 17th caused no cover. Just some stong bid wacking on the red days IMO.

Personally I take profits when they present and sell quick before losses. Cutting losses quick is as important as taking profits. But we have different trading styles. All I'll say is the chart doesn't look good for the short term future. And this pop hasn't seemed to scare shorts. Go to the link and type OPTT in to see how strong they have been adding.

success