interesting price activity

I'm no great technical guru, but have been watching Lumacoms activity closely and will offer my penny's worth. Price activity since the end of October has offered holders temporary support at 60 cents. No doubt todays close below this price will trigger some stops among nervous short term traders or anyone who bought higher than 60 cents but has held hoping for a bounce.

Price action has been interesting lately with a cycle of buyers stepping in every few days to soak up stock in the low 60s then steppping aside to let price retreat again. They may return tomorrow or they may not. To me it appears that Lumacom is going to be very much news driven in the short term and in the absence of any news price will retreat driven by the nervous traders. This is how the market passes wealth from the impatient to the patient.

This is one of only two speculative stocks in my portfolio and I will view any further retreat as an opportunity to add to my holding.