Yep but this is typical when a stock is in a proper base. Having pulled back 40% from the peak, this likely will be a significant base, probably 6 or even 12 months(absolute minimum would be 3 months but we're already into the 3rd month and barely off the lows). A 12 month base that resolves to the upside though would be incredibly bullish ... and also likely difficult for us long termers as long bases like that love to undercut the lows so a trip back below $5.20 would be quite normal(won't be in the short term, more likely in the final shakeout before running back up to complete the base nearer the highs).
If i add an FA opinion in I would think it's more likely a 4 - 6 month base but I do try to avoid letting my opinions of funnymentals influence my analysis
"The relationship between Volume and Time and Price even more so"
I like the volume pattern at this point as well as the fact it's having a hard time trying to get lower yesterday and today. Shorts continue to cover and very little real selling coming in is a positive sign. For now though, my focus is elsewhere, this will need time to chop out a base - if i was going to try and trade it within the base I'd be watching for it to turn back up in the next few days as I drew on my chart above(i won't be buying it, happy with what i have)
CU6 Price at posting:
$5.84 Sentiment: None Disclosure: Held
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