Daily $WGAS uptrend officially broken On Monday t
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Daily $WGAS uptrend officially broken
On Monday the 50 DMA was closed below, the following day it was not recaptured, and today we have a lower close which is below the .008 support.
Price has been beating on the 50 DMA for quite some time and last week had already broken the sloping support line. Before that, it had broken the 20 DMA.
In other words, it is not just one thing that I arbitrarily singled out to make this call, but a confluence of factors that are coming together to give me a negative signal.
In $WGAS's defense, it did pause at the 618 retrace level. However, there are no other things I see holding up the price. Each day I watch this stock someone keeps on slamming the bids on good volume and price closes lower, and lower, and lower.
Many people are waiting for some kind of "big news" about the well tests, but the company has not given guidance on the production, and has indicated that no significant production would occur until October/November. This means that this could be a dead play until later this year, and that is not good news for a 2 million dollar market cap penny stock.
I am on watch for a move back to the lows on big volume.
[IMG]http://i.imgur.com/GoK3E.png[/IMG]
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