Not sure what ran the stock up...didn't see any news. The stock price got too far above the 50 day line and was due to return back down. Volume has steadily been going down, 47k today. Let's see if there isn't another surge since that has been the pattern. I've learned not to predict where a stock price will be since I've been surprised too many times. The 50 day average (based on 3 months of trading) is around 75 cents so the stock should not go lower than that. Like I said the volume has been decreasing during the sell-off so we could be in for another run-up. NGNM's all time high since the reverse split was around $1.22? So that is the resistance we need to pass for the stock to really surge. I noted in an earlier post someone has 100 shares they want to sell at $101.10 (I'd say they made a mistake when entering their bid) but what is funny is if there was a run on the stock and all the asks were taken out, the stock would jump to that figure then back down to normal range. That would be one hell of a spike...that would really bring a lot of attention to the stock. The analyst covering NGNM expects an '06 Target Price: of $0.90-$1.05 and an ‘07 Target Price: $1.50-$1.75. I'm sure he will be continually raising those figures after each quarterly cc.
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