level2 is stacking $1.59 and $2.00- much higher than those short-term targets.
What it appears is those orders that were stacking at $1.00 and $1.26 the other days, were simply short-term momentum players hoping to make a quick buck.
Now those orders are coming in to sell at $0.80- disappointed because it didn't give them a "free ride". While the higher offers at at $1.59, $2.00- which means the resistance that we would've encountered at $1.00 and $1.26 and now selling at $0.80
Good for the longs who are buying at $0.78 and $0.80, since (as we can see from level2 shifts), the majority of shareholders buying at $0.78 and $0.80 now- are all looking at long-term price targets of $1.59+ and $2.00+
I saw this exact same action on JAZZ, (+ KERX, HGSI, USEG, etc, etc) the ask always seemed to have more and more sell orders- but the level 2 depth kept stacking higher, and higher (on the 3rd, 4th, 5th levels, all stacked over $2.00)- and eventually one day all of those people selling at $0.80 and $1.00 on JAZZ were bought out by Longs, and the ask soon became $2.00, then $2.50, then $3.00- and it all happened in one day.
Those with level 2 screens know exactly what I'm talking about, because you can see the orders change simultaneously.. ask lowers, and ask depth goes higher
might be a bit advanced for a few newer investors- sorry! Just wanted to mention it for those of you with your level2
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