Too early to say but here's what I'm watching If
Post# of 39368
Too early to say but here's what I'm watching
If you look at the daily chart below, the blue line is the 20 day moving average which has been solid resistance since July. Notice that most of the ask is stacked right around .037 which is the 20 DMA as of today.
On the downside .035 has been holding up as support pretty decently even with some pierces and closes below. This is a pretty nice spot to pick up some shares on bid. It's possible that the CDEL buyer is taking a shot here because price really isn't moving that much lower below .035 on any kind of volume but doesn't want to buy at ask as that would uncap the lid on ask and then he would be chasing shares instead of letting them come to him.
We've made it enormously difficult for the big boys to create any panic selling because we keep accumulating the mid 3's, so maybe the guys have said screw it, let's pick some up here and of course if there is a panic sell down to 3 cents then they back up the truck. But, with a news catalyst due any day now it's unlikely that any material selloff will occur and the smarter play for the big boys who do not want to spark a rally by cleaning out ask, is to keep it pinned and try catch some shares.
But, like I said I'm curious as to why they are showing share size instead of concealing their bid. In any event, what we are looking for in the tape to signal a breakout is a close above the 20 day moving average. That is why there is such an effort to keep price contained below it.
Lots of time left today, this week, this month.
[IMG]http://i.imgur.com/iJS6w.png[/IMG]