Yesterdays trade activity had what appears to be a
Post# of 56324
Posted On: 06/25/2014 8:20:32 PM
Yesterdays trade activity had what appears to be a good sized T trade right at closing then within minutes of opening this morning the price dropped to .048 and those shares were very quickly bought up just as the market opened which brought price action to approximately the closing price of the previous day.When you look closely at timing it appears that these two transactions were most likely MM's manipulating price/action.
A review of the 5 minute chart shows today's close being relatively close to today's open. This further indicates MMs stirring up the market to sell off blocks of insiders shares. CMF shows some accumulation occurred and RSI increased to 58.85 Today's close on the 5 minute chart was above the SMA20 and SMA50 with the SMAA100 being tested multiple times.MACD is rising and currently the trigger is above the two averaged SMAs. Overall, this was an interesting day in that it was a very clever move on the MMs part to create enough liquidity to sell off about 4.4 million shares yet leave the market at approximately where it closed yesterday.
Look for .0487 tomorrow as first support and .05 resistance which should fail early in the morning since it is also the ASK which sets up for .0518 resistance
Keep in mind MACD is rising but RSI is high, this indicates buying in the morning and a drop in the afternoon, Although a move above .0518 tomorrow would indicate .0596 trend line price action which is also the monthly SMA20 resistance level.
Note that today's volume occurred mostly early morning then tapered off in the early afternoon with retail buyers jumping in at around .0485. Pricing tomorrow below .0487 would signal another downturn
MM's clearly have a bag full of techniques to create liquidity and seem to want to hold PPS around .05 - .06 while selling these large blocks of shares.
I know its a mixed TA here but with the MMs working hard to sell shares while keeping liquidity the pattern setup is patterns within patterns.
Ultimately, I do see a bounce off .0429 coming.
A review of the 5 minute chart shows today's close being relatively close to today's open. This further indicates MMs stirring up the market to sell off blocks of insiders shares. CMF shows some accumulation occurred and RSI increased to 58.85 Today's close on the 5 minute chart was above the SMA20 and SMA50 with the SMAA100 being tested multiple times.MACD is rising and currently the trigger is above the two averaged SMAs. Overall, this was an interesting day in that it was a very clever move on the MMs part to create enough liquidity to sell off about 4.4 million shares yet leave the market at approximately where it closed yesterday.
Look for .0487 tomorrow as first support and .05 resistance which should fail early in the morning since it is also the ASK which sets up for .0518 resistance
Keep in mind MACD is rising but RSI is high, this indicates buying in the morning and a drop in the afternoon, Although a move above .0518 tomorrow would indicate .0596 trend line price action which is also the monthly SMA20 resistance level.
Note that today's volume occurred mostly early morning then tapered off in the early afternoon with retail buyers jumping in at around .0485. Pricing tomorrow below .0487 would signal another downturn
MM's clearly have a bag full of techniques to create liquidity and seem to want to hold PPS around .05 - .06 while selling these large blocks of shares.
I know its a mixed TA here but with the MMs working hard to sell shares while keeping liquidity the pattern setup is patterns within patterns.
Ultimately, I do see a bounce off .0429 coming.
(0)
(0)