Probably the last of these for now, but I am still seeing 0.08. And the market depth - with one person with a million share order in at 0.08 helps.
There are a lot of things all coming together, the Lower Bollinger Band, RSI 30, and the 100 Day Moving Average all pointing to a bounce or at least good support at 0.08.
After that if it bounces I would expect it to head to the middle bollinger at around 0.12 then back down - unless there is news. Good news after a bounce will add to the momentum and all bearish bets are off.
The reason for this is simply statistics - the bollinger bands are simply the standard deviation - width of the gaussian (bell shaped) curve of the share price. It is the same as the curve generated by say 100 coin tosses. If in equilibrium half will be half heads and half tails and the share price would remain about the same. If bearish then more tails (down moves) than heads (up moves), if bullish more heads than tails. Because the over all market is bearish - on average there will be more tails (down moves) than heads (up moves) which means that prices will tend to stay on the lower side of the bollinger bands. News will change this because the price motion will be affected more by company specific things than the market as a whole.
On the negative side - the market sucks at the moment - maybe different after new year though. If it breaks 0.08 then the next stop is 0.056
BIG Price at posting:
0.0¢ Sentiment: ST Sell Disclosure: Not Held
