First close below 3 cents since June
It took a whole lot of manipulation but the bears finally got their first close below 3 cents since June. If you remember that period of time, the 10 Q was running 2 months late and nobody knew a thing about East Texas. The bears would have you believe, through their blatant tape manipulation, that the value of Treaty matches that period of time.
As I said earlier today when VNDM appeared on ask at 3 cents, the bears were getting serious about locking down the price, and that foreshadowed today's close. The bears are hoping to cancel out bullish signals if not get some scared hands to dump having seen price close below 3 cents.
What they are ignoring though is the fact that TECO has massive support at 3 cents on a weekly basis. The level 2's show bids thick in the high 2's with no material selling volume into bid, only fake in between bid and ask trades. In addition we have the 200 week moving average, 4 years of an uptrend in TECO stock at 3 cents. It will take weeks if not months to cancel out this trendline, which does not bode well for the bears.
Last but not least, TECO has not been held below 3 cents for an entire week going all the way back to April of 2011. We also know that the stock has only twice since that period been held under 4 cents on a monthly basis. The last time TECO traded in this vicinity the stock rocketed back up to 7 cents. The week is young and the bears struck hard, fast, and early, but there is plenty of time left in this week, this month, and this year and I'm not the one who has to worry about a pre market press release.
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