From September 2018 through to May 2019 this stock was in a re-accumulation phase. You can see there was a sell off in September when supply it the market and the stock pulled back.
From November the stock hit support and from there we started making higher lows. We took at the top of the trading range in late February where we a sign of strength. The stock was sold into that rise and we pulled back again.
It broke back down through the top of the range but bounced back very quickly. A definite last point of support before mark up. Completing the re-accumulation.
The stock ran well from May to July. The first sign that there may be a significant pull back at some stage was the steepness of how it moved higher. We did see a large amount of supply come in - the most we had ever seen.
Interestingly we only had a small pull back on lighter volume. The stock moved higher again with $40 in its sights. Look at the supply that came in June. A definite buying climax. A lot of retail traders were sucked into this one at that stage and the professionals were selling into the up move.
This time we saw a significant pull back. A certain first sign of weakness. Price took out the low before the high (Where demand came in) and it looked as if it was forming a distribution range to move lower.
The news changed that. It looks like further distribution then took place, which negated the need to move the stock sideways for a considerable time.
I believe this stock was heavily accumulated back in the $0 - $5 range and this has been a very long and patient campaign.
Stock was sold at approx $22, $29, $34, $38 and finally $44.
A very successful campaign.
$23.65 is the key level now. The low before the extreme move higher. If that is taken out, it could be heading a lot lower.
If it can hold that level and consolidate and build another accumulation range, it may move higher.
Right now its a holding pattern.
Happy New Years!
From November the stock hit support and from there we started making higher lows. We took at the top of the trading range in late February where we a sign of strength. The stock was sold into that rise and we pulled back again.
It broke back down through the top of the range but bounced back very quickly. A definite last point of support before mark up. Completing the re-accumulation.
The stock ran well from May to July. The first sign that there may be a significant pull back at some stage was the steepness of how it moved higher. We did see a large amount of supply come in - the most we had ever seen.
Interestingly we only had a small pull back on lighter volume. The stock moved higher again with $40 in its sights. Look at the supply that came in June. A definite buying climax. A lot of retail traders were sucked into this one at that stage and the professionals were selling into the up move.
This time we saw a significant pull back. A certain first sign of weakness. Price took out the low before the high (Where demand came in) and it looked as if it was forming a distribution range to move lower.
The news changed that. It looks like further distribution then took place, which negated the need to move the stock sideways for a considerable time.
I believe this stock was heavily accumulated back in the $0 - $5 range and this has been a very long and patient campaign.
Stock was sold at approx $22, $29, $34, $38 and finally $44.
A very successful campaign.
$23.65 is the key level now. The low before the extreme move higher. If that is taken out, it could be heading a lot lower.
If it can hold that level and consolidate and build another accumulation range, it may move higher.
Right now its a holding pattern.
Happy New Years!