$WGAS trading into 1st area of support I had a sl
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$WGAS trading into 1st area of support
I had a slight loss on $WGAS after entering late July at 1.1 cents and exiting early August when a trendline got broken. Since then I have been watching for a retrace to the absolute dead lows from mid July which is .004. This does not look to be a quick pop play, but yet another accumulate the dead lows and wait for a huge pop one day oil and gas play.
I have not followed the news too closely but having seen the stock sell off after the board meeting on 10/15, it tells me that the impatient retail investors are heading for the exits. The stock is in a down trend right now below all moving averages and the MACD crossed to the downside, so there is no rush to buy. In fact I am not interested until I see the stock get pounded under .004 on volume.
The 8K shows a bunch of convertible deals with share conversions occuring, and as far as I can tell it will still be a month at the earliest before any oil gets flowing.
[IMG]http://i.imgur.com/2hx3C.png[/IMG]
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