Shortly after the ann, the buying halted at the 3.9 cent mark. A sell order for 1mill shares was sitting there intimidating everyone. It disappeared fairly quickly once somebody stepped in and bought 500 thousand. That buy looked very much to me like a daytrader, who almost certainly took their profit around 4.3 or 4.4.
The closing price seems. to me, to be entirely appropriate to the strength of the ann. I will be surprised if the stock starts charging ahead rapidly and I really doubt it will drop below 3.6 again. I will be happy to see it trade for a while between 3.6 and 4.6 with it gradually firming up.
The chart pattern which gives me the most confidence is the one which sees the SP gradually rising. Much better than the rapid spike and sudden pull back, for this reason ... the longer a gentle rise continues the fewer people who are willing to sell. Initially they sell to take a profit, but, it becomes clear that it is very hard to get back in again at a much better price.
The sudden spike and retrace pattern actually encourages people to sell.
If we get the steadily rising pattern that will make a lot more money for holders ... it is the chart pattern of the multibaggers. So far that is what it is shaping up to become IMO.
To read my chart:
The thick BLUE and RED lines sitting over the candles is charting the momentum. When the blue line is above the red line that is showing positive momentum [the momentum atm is nicely positive]
The broken lines are charting volume. The broken red line is the 10 Day moving average volume and the blue is 25 day mav.
CNX Price at posting:
3.5¢ Sentiment: LT Buy Disclosure: Held
