Friday, May 18, 2012 4:54:49 PM
Bidwhackers unable to close $TECO below .043
As many of you are aware, there are some forces at play deliberately trying to take the stock down. I submit to you the latest exhibit of this chicanery in the L2/time and sales box below. Notice how we had some volume buying in the last hour and a half of trading up at .045 and .0455. Then, in the last 10 minutes of trading when most of us are on the phone setting up tonight's social plans or even walking out the door, you see multiple bidwhacks. In the final minute of trading you see that 1,000 shares were sold at .0432 as a final paint job down.
Despite the trickery, none of this selling was able to take out the .043 support, which is the low print from the first close below the 50 DMA. In fact, the weekly closing candle came out as a doji. A doji candle is a candle in which the body of the candle, which represents the open and closing price, is very narrow. This means that there was a stalemate in the clash between bulls and bears.
When doji candles appear at major trendlines this can signal a reversal. We are at a pretty strong support area so this is actually a pretty decent case for a doji reversal candle setup.
In addition, if you look at the wicks on the the candles for the past 2 weeks you can see that there were some pretty substantive attempts to rally intraweek, but price was bidwhacked back down.
As DTL indicated, and I agree, this is likely the work of naked short selling in an attempt to drive down the price. I have that intraday L2 and time and sales from last week which points it out quite bluntly and today we see another smoking gun with that 1,000 share bidwhack into the close.
At the end of the day though I think all of these failed attempts are in themselves proof that a reversal is at hand. There are just too many smart buyers that know that $TECO has the goods and will not fall for the tricks. There is a saying that you can not stop an idea who's time has come, and I think that is the way I see $TECO.
Have a great weekend gentlemen, because by this time next week I think we have a higher print even if it is only fractional.
As many of you are aware, there are some forces at play deliberately trying to take the stock down. I submit to you the latest exhibit of this chicanery in the L2/time and sales box below. Notice how we had some volume buying in the last hour and a half of trading up at .045 and .0455. Then, in the last 10 minutes of trading when most of us are on the phone setting up tonight's social plans or even walking out the door, you see multiple bidwhacks. In the final minute of trading you see that 1,000 shares were sold at .0432 as a final paint job down.
Despite the trickery, none of this selling was able to take out the .043 support, which is the low print from the first close below the 50 DMA. In fact, the weekly closing candle came out as a doji. A doji candle is a candle in which the body of the candle, which represents the open and closing price, is very narrow. This means that there was a stalemate in the clash between bulls and bears.
When doji candles appear at major trendlines this can signal a reversal. We are at a pretty strong support area so this is actually a pretty decent case for a doji reversal candle setup.
In addition, if you look at the wicks on the the candles for the past 2 weeks you can see that there were some pretty substantive attempts to rally intraweek, but price was bidwhacked back down.
As DTL indicated, and I agree, this is likely the work of naked short selling in an attempt to drive down the price. I have that intraday L2 and time and sales from last week which points it out quite bluntly and today we see another smoking gun with that 1,000 share bidwhack into the close.
At the end of the day though I think all of these failed attempts are in themselves proof that a reversal is at hand. There are just too many smart buyers that know that $TECO has the goods and will not fall for the tricks. There is a saying that you can not stop an idea who's time has come, and I think that is the way I see $TECO.
Have a great weekend gentlemen, because by this time next week I think we have a higher print even if it is only fractional.
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