SSBN Daily Chart ~ An Interesting Chart I've
Post# of 2561
Posted On: 04/13/2014 2:22:58 PM
SSBN Daily Chart ~ An Interesting Chart
I've been following SSBN since the announcement of a LOI to acquire Motors Acceptance Corp. What makes this company an interesting fundamental play is the share structure along with a review of news. There are 1.38 million shares in the float and only 7.02 million shares in the OS. I began accumulating a couple of days ago at 1.00 to 1.30. A couple of friends joined in also. But let me tell you, this one is going to be very difficult to build a position in. After I bought a few shares Friday morning, I bid the entire day without getting any shares. The only stock I was able to buy was at the ask. Every 2k share buy moved the stock up, from 1.00 to 1.30. It doesn't sound like a big move, but that's 30% over just a few hours. At the close on Friday, it looked like approx 15k shares might be available at the 1.20-1.30 level. I'll be taking those also with the help of some friends.
As far as the technicals and chart, this will be a tough one to chart due to the extreme nature of the liquidity. For instance, less than two weeks ago, the company released the information about the LOI. The stock jumped from .50 to 1.65 on the first 59k shares of buying, sending the share price way outside the upper bollie. I waited two days for the stock to fall back inside the upper bollie and began adding 1k-2k per day. The dips that you see last week down to the .50/.60s was down with less than 300 share sell orders while the ask remaining at or near 1.00. The Daily chart shows the price consolidating above the old horizontal tops line with the exception of one low volume close and another intraday dip. Both days, collectively, had approx 12k in volume. Personally, through some minor DD, I think this stock could see a very strong appreciation for those with the mindset of holding the stock a few months. Technically, a move and close above 1.65 could easily send SSBN to the $5 level quickly. That simply using a measured move from the .30 level to the 1.65 on the chart or a 5 bagger move. A 5 bagger move from 1.00 would suggest a move to 5.00. As news develops, should the share structure remain the same, that 5.00 would be looked at as cheap a few months from now. I like the way management has been building Sunset over the last twelve months. GLTA
I've been following SSBN since the announcement of a LOI to acquire Motors Acceptance Corp. What makes this company an interesting fundamental play is the share structure along with a review of news. There are 1.38 million shares in the float and only 7.02 million shares in the OS. I began accumulating a couple of days ago at 1.00 to 1.30. A couple of friends joined in also. But let me tell you, this one is going to be very difficult to build a position in. After I bought a few shares Friday morning, I bid the entire day without getting any shares. The only stock I was able to buy was at the ask. Every 2k share buy moved the stock up, from 1.00 to 1.30. It doesn't sound like a big move, but that's 30% over just a few hours. At the close on Friday, it looked like approx 15k shares might be available at the 1.20-1.30 level. I'll be taking those also with the help of some friends.
As far as the technicals and chart, this will be a tough one to chart due to the extreme nature of the liquidity. For instance, less than two weeks ago, the company released the information about the LOI. The stock jumped from .50 to 1.65 on the first 59k shares of buying, sending the share price way outside the upper bollie. I waited two days for the stock to fall back inside the upper bollie and began adding 1k-2k per day. The dips that you see last week down to the .50/.60s was down with less than 300 share sell orders while the ask remaining at or near 1.00. The Daily chart shows the price consolidating above the old horizontal tops line with the exception of one low volume close and another intraday dip. Both days, collectively, had approx 12k in volume. Personally, through some minor DD, I think this stock could see a very strong appreciation for those with the mindset of holding the stock a few months. Technically, a move and close above 1.65 could easily send SSBN to the $5 level quickly. That simply using a measured move from the .30 level to the 1.65 on the chart or a 5 bagger move. A 5 bagger move from 1.00 would suggest a move to 5.00. As news develops, should the share structure remain the same, that 5.00 would be looked at as cheap a few months from now. I like the way management has been building Sunset over the last twelve months. GLTA
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