Replies to post #70599 on Seafarer Exploration Corp (SFRX)

[Shift-4]

Yes, but our good samaritan's bid support comes with a catch- he's flipping the shares over onto the ask.

This isn't a bad thing because there's no significant selling pressure. And he's not dumping on us- he's being nice. So basically, as we ride out this shallow MACD retracement on the daily chart, which will hopefully be short enough to leave the longer weekly trend intact, he's holding the price in here at .0079. But he is going to make a small amount for his services when someone has to buy those shares again at .008 for price eventually to go up again.

In the meantime, we are still vulnerable to a selloff if there's one sharp enough to pierce his bid support. But that hasn't happened yet. It looks like it's holding in here through the daily retracement, then it'll move up again.

Just my .02, I'm just a guy reading technicals here.

-$

[Shift-4]

He could pull the ask at any time and allow the pps to increase again if significant buy pressure returns. In that case he's simply accumulated at .0079. But that isn't likely to occur until the daily MACD is reset, and that doesn't look like it'll happen til next week.

For now, we need to be patient and either provide bid support or just hope that selling doesn't intensify. If we hang in here for a few days, we're headed to .014 (imo).

What I can't overemphasize is how important it is that the bears here don't actually own shares. If they did, they could really hose the rest of us right now. Because they're paper-tiger bears (all bark and no bite), they're actually helpless to do anything about the stock now that it's technically driven.

-$