AI
Sunday, April 22, 2012 6:05:49 PM
$RBTI biggest weekly buying on record
I'm not a big trader of the news, rumors, or speculation, but when a stock goes from essentially no volume for the last 7 months to the biggest buying volume in it's trading history I have to think that somebody knows something.
I've been accumulating RBTI since December, and obviously that means I've been underwater on this trade. What attracted me initially was the chart pattern. I wrote numerous times that RBTI was consolidating inside the October rally and that price was just pulling back to set up for another rally back to at least the recent high at 1.5 cents.
As I waited and waited, I was about to give up on this play and even removed it from "My Stocks" and was within a week of closing out the position. Then boom out of nowhere it catches a bid.
The high of the week at .005 was a resistance level from back in November, where the stock had numerous intraweek lows where it bounced back up, only to finally trade through it in December. If RBTI can get above .005 the next area of resistance should be the 50 week moving average. However, I'm not so sure that resistance will be strong given the amount of volume we saw last week.
If the company does indeed announce something big, as someone seems to think is going to happen judging by all the buying last week, we could see CMGO easily bust through the October highs.
I'm not a big trader of the news, rumors, or speculation, but when a stock goes from essentially no volume for the last 7 months to the biggest buying volume in it's trading history I have to think that somebody knows something.
I've been accumulating RBTI since December, and obviously that means I've been underwater on this trade. What attracted me initially was the chart pattern. I wrote numerous times that RBTI was consolidating inside the October rally and that price was just pulling back to set up for another rally back to at least the recent high at 1.5 cents.
As I waited and waited, I was about to give up on this play and even removed it from "My Stocks" and was within a week of closing out the position. Then boom out of nowhere it catches a bid.
The high of the week at .005 was a resistance level from back in November, where the stock had numerous intraweek lows where it bounced back up, only to finally trade through it in December. If RBTI can get above .005 the next area of resistance should be the 50 week moving average. However, I'm not so sure that resistance will be strong given the amount of volume we saw last week.
If the company does indeed announce something big, as someone seems to think is going to happen judging by all the buying last week, we could see CMGO easily bust through the October highs.
