You know I'm not a great chart reader, and I believe you are, so I've got a question about the chart pattern of ITS.
Would there be any significance if the stock closes at the same price for 4 days in a row, remains above support, as well as being near an end point of the pennant? From a technical perspective, might that imply the pattern is almost completed, or IS it completed?
There's a breakout coming, so everything I see in that chart now makes me wonder how close it might be. Hoping you can satisfy my curiosity, if possible - and thanks in advance.
I am not a great chart reader. But I can give you my 5 cents.
Long term: This chart doesn't go far back enough, but on the TSE you can find a chart that goes back 5 years and it shows a huge tremendous bowl of which we are now drafting the handle:
BTW the high in 1999 was very close to the recent high of 0.49 CAD. No wonder it stopped right there for consolidation. (Can you say neckline?).
SHORT TERM: We were oversold and have turned around on the stockastics chart. MACD still needs to turn, that will be our signal for higher prices.
In the mean time volume is in good shape. We decreased volume to below 250K shares per day after selling off from 0.49 to 0.38 (20% drop). We put in a double bottom at 0.38 CAD Cents and are mounting higher on a little bit increasing volume.
Today's volume is not encouraging (currently 232K shares, but it is fine as we put in a lower low again today (0.38 again) and are trying to close above )0.40.
The increase from 0.25 to 0.49 happened fairly quickly (96% increase within 2 weeks?) and we have put in a correction of 11 Cents/24 Cents = 46% of the move.
On a penny stock like this with low volume this is close enough to 50% and should do.
This stock could easily get 1 to 4 Million share trading days if it gets going. The float is big enough and the price is fundamentally ridiculously low. The problem is a little that is a Canadian stock that only has a pink sheet mirror stock in the US.
They should upgrade to at least a BB symbol.
In the mean time nothing wrong to accumulate. BTW check out the money flow.
Many thanks for those charts and your take on them.
Curious about where you get your high/low for the day. The TSE shows .40 as the last trade at 2:30. Also shows 258,800 shares traded, a high of .41 and a low of .40, meaning even for the day. I didn't see a .38 low, and noticed your message was posted at 2:15.
For a bit longer term look, you might like to see smsc's chart. He's active on the Gold-Eagle forum, and put ITS on his favorites list back in December, but hasn't updated it since then. This one shows the stock close to $2 CDN in 1997 before gold started dropping - and don't drool when you see his channel lines.
As for upgrading to a BB stock, the management said in late 2003 that they're working to get a listing on the Ameican Stock Exchange. The goal is an AMEX listing by Springtime, if I remember correctly. Hopefully could provide a boost.
Is your broker shorter, younger and poorer than you? Don;t listen to him...
The pink sheets are run by crook market makers. That's all. They are not forced by the same governing regulatory bodies to behave...
Besides that the pink stock is a DIFFERENT stock, than the CAD one, and they can trade it loose from the CAD value if the investors don't know what they are doing...
But Vancouver is still much preferred than the pink sheets.
The way a company gets in the US at the least cost is they buy an old company stock listing and the underlying shares declared and change the symbol. Than they trade that stock as a ownership representative shares. They have to declare oustanding stock on their balance sheet as liability, but it is a different liability than the stock traded on the "home" exchange. If you want to spend more you get on the AMEX.
I first started buying it on the pink sheets, then switched to buying directly on the TSE because the pink sheet market makers tried to gouge me. Just a few cents here and there, but my orders were large enough that it made a difference.
Once I had my broker call the market makers to get an idea what a 100,000 share order would do to the price. They said it would move the price up about 2 cents. Before I even put in that order they removed the prior ask price (with no trades) and raised the pink sheet ask price by 2 cents on zero volume. Thieves, one and all.
IMO, if you buy or sell a large amount, it's always safer and cheaper to get Canadian penny stocks directly from the TSE and avoid paying extra to the pink sheet middlemen. They'll try to gouge the large trades so they can get a bigger cut.
"I'd imagine many right here on this board have 5 figures or more invested in the sector. Just a 10 bagger (across the board) would do it for many."
You're probably right.
The reason I said it was unimaginable is that I'm one of the people who has six figures invested. I have six figures in DROOY, and also six figures in ITS. Yes indeed - lots of it.
So if ITS skyrocketed up 40,000% like that .40 gold stock mentioned in the article, then the value of my stake in that company would begin with a "b" and end with an "illion". That's why I saw it as unimaginable. But what the heck - I've learned over the years, never say never. :)
Don't think it's a Yahoo problem. My broker (Schwab) tells me that Pink Sheet prices are poorly maintained and ALWAYS not current and that I MUST do a currency conversion of the Canadian price to be "real."