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testing the 200ema properly for support now. if supply dries up...

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mowibble

15,824 Posts.

458

04/09/14

12:48

Post #: 13923777
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Originally posted by mowibble ↑

it's just normal that when the shareprice breaks over the long term moving average, there's a pullback to test the breakout for support. it doesn't "have to" happen, nothing ever does, but it's a common expectation, and i think it's the reason why the bulk of buy orders didn't move up past 1.4 at any point today. i think that could suggest they are real buyers, waiting for a pullback. which would also mean that if the chart forms a higher low and they don't get filled, they may well move up for the next cycle.

that's the sort of process that leads to what i was referring to with the past chart. low price high liquidity stocks are great vehicles for traders to move in and out of at high rotation when the momentum stays. a company in transition is a great excuse for momentum. unlike exploration plays, the energy doesn't die once the results are out.

as far as penny's go, it could be a good place to be for a little while yet.

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testing the 200ema properly for support now. if supply dries up here then it will be good for another profitable run over the next few days.

NSL Price at posting: 1.4¢ Sentiment: Buy Disclosure: Held
12 Upvote

0 Great analysis

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