AI
Friday, July 06, 2012 3:56:03 PM
UPDATED**There will probably be another ask wall after .047 is bought out.
Better buy out .047 sooner than later, bears will probably load another ask wall at .0475 or .048. They really do not want a nickel close.
**Update** 4:01 pm
I'm on a posting limit if you guys haven't noticed so I'll be quick as the clock is ticking.
This was a monumental week for TECO capped off by today's close. I know some of you wanted to see a vertical bar directly up to the January highs this week, but as I keep saying the bears are in a battle for their life right now and will fight for every fraction of a penny to delay a rally. This is their only option. If they cover now they will squeeze themselves into oblivion and bring about their own defeat. Their only choice is delay and pray.
The weekly chart shows that their prayers are not likely to be answered. We closed above the 20 and 50 week moving average which signifies a change in trend given the power of the rally this week off of a very major support level, the 200 week moving average. We technically do not have confirmation of the trend, which will require higher closes in subsequent weeks without a close back below the 20/50 ma, however I will say that the odds are in our favor.
In addition, last month when I kept saying that the 4 cent level has never been closed below since the April 2011 rally, the price liked to go to 6 cents in the following months, and of course we remember the January move up to 13 cents. In essence, the pendulum swung one way, and is in the process of swinging back the other way. When news arrives we will probably see a big vertical bar and set up a new trading range much higher.
Once again this close at a nickel is significant because it shows that the bears are losing control of the stock. They still have some control over it obviously, otherwise we would be trading north of a nickel, but the fact that we closed here speaks volumes and indicates that the bear meat bbq is just around the corner. Fire up your grills.
Better buy out .047 sooner than later, bears will probably load another ask wall at .0475 or .048. They really do not want a nickel close.
**Update** 4:01 pm
I'm on a posting limit if you guys haven't noticed so I'll be quick as the clock is ticking.
This was a monumental week for TECO capped off by today's close. I know some of you wanted to see a vertical bar directly up to the January highs this week, but as I keep saying the bears are in a battle for their life right now and will fight for every fraction of a penny to delay a rally. This is their only option. If they cover now they will squeeze themselves into oblivion and bring about their own defeat. Their only choice is delay and pray.
The weekly chart shows that their prayers are not likely to be answered. We closed above the 20 and 50 week moving average which signifies a change in trend given the power of the rally this week off of a very major support level, the 200 week moving average. We technically do not have confirmation of the trend, which will require higher closes in subsequent weeks without a close back below the 20/50 ma, however I will say that the odds are in our favor.
In addition, last month when I kept saying that the 4 cent level has never been closed below since the April 2011 rally, the price liked to go to 6 cents in the following months, and of course we remember the January move up to 13 cents. In essence, the pendulum swung one way, and is in the process of swinging back the other way. When news arrives we will probably see a big vertical bar and set up a new trading range much higher.
Once again this close at a nickel is significant because it shows that the bears are losing control of the stock. They still have some control over it obviously, otherwise we would be trading north of a nickel, but the fact that we closed here speaks volumes and indicates that the bear meat bbq is just around the corner. Fire up your grills.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
