Long day of travel for me, just got in and skimming through the chart and some messages.
Few key points here after reviewing the chart and messages
1) .04 is not support
2) .05 was not tested
3) A double tap of .05 resistance with no break is a sell signal. Volume at that point becomes irrelevant other than the fact that higher volume and a fail usually means a harder fall.
4) A break of .05 needs to carry moderate to large volume and it should close on it at least twice before it can be considered converted into support. I personally utilize the rule of 3 which provides me a higher success rate.
5) Any drop for consolidation from here on needs to stay on or above the last major support of .0236-.024 level in order for the momo to continue.
6) Accumulation is still rising, indicating new money is incoming in addition to very little selling by current holders (sign of strength).
7) RSI is in the power zone and entering overbought conditions, but as mentioned, can be disregarded for now.
8) VERY bullish candle indicates the bears pushed back hard late in the day but encountered new and readily available buyers. This indicates AND continues the intraday consolidation which is a sign of immense strength. The lack of a 'huge' pop or gap up also indicates a short to midterm run continuation versus a conversion to the pop and consolidation post run (between waves).
Finally, if the stock continues to trade like the recent past, the run will continue and the price will push to new heights (prices never seen before on this stock). Furthermore, if the price breaks .05 resistance it will enter blue skies territory where it will begin 'stretching' further faster and in larger leaps. This will ultimately quicken the need for a more deliberate consolidation period and chart reset, but in my humble opinion, it will be at least a couple days before that happens.
I would think the 8k would be out by midweek but hopefully tomorrow so that .05 becomes a non-issue :)
$NEWC
Regards,
SOG
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