XIDEQ - Potential Bounce - (Exide Technologies) - closed up 4.03%, at .155c a share, on over 6.06 million shares traded. Shares saw a new 52 week low of .122c, but found support at that level, closing up on the day at today’s high of .155c. After closing at today’s high, therefore forming a bullish hammer candle on it’s chart, shares of XIDEQ could continue to see a bigger bounce into tomorrow as traders take notice. The Company recently filed bankruptcy and shares have fallen from over $2.30c in April to the new lows they created today. As a result, it’s our personal opinion that extra caution should be used in trading stocks with a “Q” attached to the end, representing any Company’s current state of being bankrupt. We have seen other “Q” stocks turn into great trades over one-two day periods on similar dead-cat bounce setups. Keep it on close watch tomorrow.
And this time, there is no overhang like before (de-listing dump). It could go on a sustained run to double or even triple from the lows on short covering and no institutional dumping to counter the bid pressure. It will be an interesting week ahead to say the least.