MY TAKE--
And excuse the laymen vocab on here, but as probably one of the longest term investors in here I'd like to offer my insight...albeit on a logical, not technical level.
I invested in this company probably 5 years ago (maybe more) in a private placement. The offer was at .16 cents a share with the option of purchasing matching warrants at a certain price later on (which turned out to be at .01 a share (last year I believe). If you read up on the filings all of this is in there somewhere...
IMO, there are really only three types of players in this one... 1) The insiders, which cannot sell more than a certain amount in a given quarter, unless they sell the company 2) Guys like me who got into the private placement (couldn't tell you how many shares are in this group, but it would probably be easy to find for those of you with good research skills) and 3) Those who have gotten in lately.
I have watched this thing over the years and there has been very few shares sold/bought in that time frame. With that said, those who got in on the private placement are either out, or my bet is a lot of them don't even know what is going on with it as the person who got them in (my broker) died a few years back. The majority of this group are not necessarily big time investors watching the market, just people who were listening to my friend on a good potential investment (I do have one friend who got out when (my broker) died at the .01 range).
The spread between the bid/ask has always been pretty large and in fact I was very surprised when I say just a .005 range on Friday, even if it was just for a few minutes).
So I guess what I am saying is that there is probably pretty little resistance coming up, as there are not likely many sellers in the .03-.15 range. The people who purchased in the private, if they are still in will wait to recoup their investment, otherwise they would have been out a long time ago...
Hope all of that makes sense. Again, I am looking at it from a logical point of view, not technical...Oh, and I apologize for being all over the place, just typed what came to mind...
