Another failed Bear Raid 3 cents support and MACD cross hold
The objective of the bears this week was very straight forward, force a close below 3 cents. I even caught wind of another TECO bear openly boasting about a MACD cross back to the downside, yet another indicator that they seek to manipulate. They are doing everything in their power to scramble the technical signals.
When you look at the 1,000 share bid whacks seen today, or for that matter on many days, the mysterious traded volume executed between bid and ask earlier this week, and yesterday and today's ask pinning the 3's by NITE, it illustrates a clear a pattern of someone's desperate attempt to snuff out a break out.
Such blatant manipulation in the tape, in combination with the news of Teco's new CFO and the impending release of the 10 Q, as well as operational catalysts from East/West Texas and Belize, tell me that an epic bullish rally is set to occur shortly. I would dare say even next week given how badly the bears attacked TECO this week.
We have a few weeks left in October and the stock has closed the month under 4 cents only twice since April 2011 and in the first case we had our last pop to 7 cents. You can also see on the weekly chart below that we have massive support at the 200 week moving average which by the way coincides with the 3 cent support.
The bears sold a tremendous amount of shares short this week. Total volume for the week closed at 18.37 million, the highest weekly volume since the July rally. We know that a lot of that was fake volume from earlier in the week, but between yesterday and today's ask sitting I would guess that another several million phantom shares were sold. In other words, the only way they are able to suppress price is by taking on more risk by short selling the lows. That is a recipe for disaster and it will not end pretty for them.
Have a good weekend folks and by the way, this was a very good week of trading on the big boards for me. If anyone feels like discussing the more liquid names or has other stock ideas stop by my other board! http://investorshangout.com/board/87279/Ice+C...aders-cool
Chart 1 - weekly. notice 200 week support (greenline) held strong. Actually pierced twice before July rally.
chart 2 - daily. notice MACD cross upheld despite efforts to the contrary.
image 3 - closing bell bidwhacks, initally bidwhacked 2.8. Someone upped bid to 3 cents and bidwhackers ended up getting tricked into closing tape at 3 cents. HAHAHAH!
[IMG]http://i.imgur.com/mqUdQ.png[/IMG]
[IMG]http://i.imgur.com/CqDA3.png[/IMG]
[IMG]http://i.imgur.com/ooy8S.png[/IMG]
