I am not very good at this, but it looks to me that we are forming a triple top. Highs on Feb 20, April 9 and June 9. All of these have been progressively lower tops. When we have bottom the lows have been progressively lower March 13 and May 20. We are, I hope, approaching the next bottom which so far is yesterday. $7.14 is the may low and the chart really looks bad if we close below that. For those of you who don't believe in technical analysis, you don't really need to respond, but if there are people out there who do and are better at it than me. What do you see?
My opinion is this price excursion was to fill the gap at the 7.40 level which occurred in the last days of June. At that level I`m sure there were a bunch of stops placed below the 7.40 level ......so might as well take them out and make some easy money. I am a buyer.
I missed the gaps, but that certainly makes sense. That being the case, and no big market or further oil collapse we should head back up fairly soon. Earnings will be "bad" but a nonevent. I assume some asset sales will be announced before mid August and that should help, but I am still watching closely that 7.14 number
I too would like to see the chartist respond. I have seen people that are pretty good at it. They are usually about 80% correct. Every now and then they miss and miss big one direction or the other and that is usually based on news either from the overall market or the company itself. I myself cannot do it.
People accuse me of being a pumper, which I am not. I want what is said to be balanced and the whole story told, not just the parts that fit the agenda. That being said I think you are a long and what you see is what you see. Since I cannot perform technical analysis I cannot dispute it. However if it were someone like DWTARD making these comments I would be all over her!