as you all or maybe some of you know the techniques that shorts use to control a company's share price. Today's spike at the end was shorts covering and they continued in AH. What they do to control the price is the following:
They short sell and keep short selling and short selling all along the downtrend they are driving what happens is that investors start freaking out on the word of this and the word of that as well as the reality of the price dropping so they also start selling their shares along the downtrend and who ends up buying them? the shorts so they create sudden high volume again and take the price back up only to repeat the whole process again. I am long and I really prey to god they get squeezed as soon as possible but from what it seems like here is that there are no strong hands holding Velt and it keeps moving from weak to weaker. The proof is the double drop after analysts' day. The first drop caused a panic and we went to the 4's and then more investors got in at 4 only for shorts to drop them to 3's and now new investors are in at 3's i hope this is the end of it and we see the uptrend from here. I hope this was helpful and that longs keep holding their shares and not give them out for peanuts to make these hedgies only richer.
It did look like short covering. Also price can't seem to stay below the decending trendline ot was hovering on.
Would be interesting to see if price crosses above 4.39 today and break an even longer term downtrend line.
You know Jay, I learned that anything is possible with Velt in any given minute because there is no resistance, this could go anywhere with just little good news. Yesterday we ended the day in 1 minute over short term moving average and midterm is not too far away neither so lets hope the squeeze is coming because getting to the 6$ range is a possibility with just a small squeeze so imagine what could happen on maturity
I know you're right about covering today - people do not take large long positions at 3:58 on a down day! Decent news will make us all stronger hands, and with a real squeeze we'll marry our shares and use margin to buy more! Today's very strong move is 1 drop from the honey pot of a real squeeze!!