Waiting for an open and closes above 1.6c. That's where the...

Waiting for an open and closes above 1.6c. That's where the momentum stopped. I said the news looked to be heavily sold into and it was. More so than I anticipated. I commented a while back that this recent run up looked like a CR run. In my view it was used to convert the options. In addition, the suggested withholding of drilling permit delays followed by a Hail Mary news post the following day furthers my convictions.

I see 1.2 as support with 1.4 as current short term resistance. These last four weeks should have held 1.6 on the weekly close. In contrast, the SP has found 1.6 as strong resistance. The question one must ask is why. The 1.2 support level is being heavily sold into and a break may well be eminent. Some of those who bought at 1.2-1.3 earlier in the week feeling like they got a deal and now looking at the hammering the stock has taken may well see to get out at BE. There is likely to be reactionary low pull back to 1.4-1.5c as the dust settles and a new range or trend is defined.

FYI 1.2c is the 90DayEMA CTM weekly touched this on pull back in DEC 2018 making a continuation bull move from the 90D-EMA. However, when it did this last time, Positive Directional 3WK was above negative. In contrast, for the past two weeks directional indication has been significantly negative. With money flow remaining negative. This test of the 90D-EMA does not look as solid as it has done before.

Take from this what you will. DYOR etc, just my 1.2c worth.