hey!!! a blast from the past. nice timing ya' got. after being relatively keyboard-less -- been Android Tablet restricted -- i finally bit the bullet and got a notebook late last week. spent the last days installing and setting up a Linux partition. i have little nice to say about the big W, and when my brother, a lifetime user of the Op, starts complaining about the Mac, well...
so, where was i? probably adrift in the ether, but its possible i'm back. and speaking of back, ASKH you ask. got a couple charts for you. pasted below is the 2 month daily. its rather interesting, and, of course, i'm to going to offer some thoughts. perhaps another chartist will pipe in.
good to catch ya' here, old buddy!!
as is my wont, i generally post far more indicators than are necessary to tell a story. but the narrative based on the details of them can often be reflected in using just a few. on this chart, i see a range bound stock in the midst of a consolidation following its recent retracement, one which began when the 50ma became a line of resistance. on the 25th of June this closed at .063 and it has not traded above that point since. that is where we begin our exploration of the chart.
though ASKH closed on the very next day at the 100ma, that line of support -- one which had been duly tested and held for nearly a month -- was quickly flipped into resistance when it was subsequently broken on the down side. the question is 'what does the chart offer in explanation?' we can obviously see through the cmf the falling pressure on the ask, the waning to negative momentum via the ppo and macd, the changeover from buying to selling as pertains to the williams abd the sto's, and the dropping sentiment in the rsi, but none of them have entered oversold territory. why not? the answer is there on the A/D line. ASKH doesn't lack for buyers, its being accumulated, and, as the volume increases, its being done in greater numbers. so why isn't it moving up or breaking out?
for me, the relevant indicator here is the OBV. i generally use this to gauge company or insider trading. take note that on the previously referenced day of June 25 the signal line for the OBV began its down turn, and yesterday saw a spike down on the daily. it looks to me as though these shares might be part of a covered short; one in anticipation of the coming merger. in the case of a cancellation, these shares would have then been sold above the anticipated price drop, or, should it go through, those shares might have been accumulated by insiders confident that the deal was closing. as is always the case, there are two sides to every coin. iirc, i believe the share structure is going to change with the merger.
anyways, having written all that, my chart rendering here sez' that retailers, as seen via the ChiOsc, have stepped up and they are the accumulators. this has the potential to get quite a bit more interesting.
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