float has turned over

$UNIS - Float has turned over


In the last 10 trading days, Unilife's ($UNIS) (Nasdaq:UNIS) share float has turned over 100%. 10.9 million shares have traded, which is an average daily volume over 1 million shares. This is about 5 times its normal daily average volume. The stock hasn't seen this type of sustained volume in a long time. Volumes on the ASX which have been anemic have also been ramping up to much higher levels. If we look at the shares available on Nasdaq, we'll see that the ever increasing share volume makes it more difficult for shorts to maintain their hold. Assuming that you purchase stock and hope to achieve a 50% gain. I think most individuals are looking for more and I think most funds aren't looking at the stock on a daily day trade type basis. Based on that we shouldn't start to see any significant profit taking until the stock price hits around $3. 1.8 million shares traded between the prices of 2.03 - 2.19. In that last 10 day period there was only one down day of trading. That was 5 days ago and even then the stock traded above the previous day's close for a good portion of the day. Since that day the stock has again started to climb another 10%. Trading overnight on the ASX the stock traded as high at 2.86 and in after hours trading the stock traded at 2.78 on Nasdaq. All indications are that the buyers are lining up to get in now. Whether this is the result of the conference call or technical factors we'll find out. Today is a new day and anything can happen.


Posted 7 hours ago by Stuart Fine

http://carpedmstocks.blogspot.com.au/2013/02/unis-float-has-turned-over.html