> [I]t looks to me like one of two things is happening today:
> 1) the price is being lowered to trigger large limit sells (I think that this is unlikely)
> 2) the price is being lowered to meet the price target associated with some large buy orders
None of the above.
The price is being lowered because no one is coming forward to buy at higher prices. If there would be willing buyers at higher prices, then the price would go up.
$16.90 appears to be support. Go to Clearstation.com. Look at a 10 day graph of NASI and you'll see support just below $17, at around $16.90. This support goes back goes back to around May 18th or so. Check it out. I think you're right about consolidation.
NYE is new to me. And NASI did start to tumble when the NYE announcement was made. The wording of the article made it seem that NYE was just now getting clearance to market this particular seed type in the U.S.. That's how it read like to me. I bet that there were more than just a few people who sold due to making this assumption. All I know is that when the NYE announcement was made NASI's share price went down. Cause and effect.
I'm in NASI for Apomate and for NASI's stellar management. I'm not a doctor, or in the seed business, so NYE's announcement was new to me,
as it probably was to others not involved in the seed business.
I am by no means an experienced chartist, but it looks to me like one of two things is happening today:
1) the price is being lowered to trigger large limit sells (I think that this is unlikely)
2) the price is being lowered to meet the price target associated with some large buy orders - maybe in expectation of the R2000 listing.
I thought that the drop occurred as a reaction to a large seed company from Great Britain getting clearance to sell their seeds here in the U.S. . The drop in share price occurred concurrently with that announcement. Short term players probably decided to sell. Others probably saw a great opportunity to make a few dollars shorting the stock. Others sold above current levels,and will buy back now or at lower resistance. I haven't heard anything but positive news regarding NASI's chances at being included in the Russell 2000. June 8th is just two days away. We'll all know the answer then.
Am I missing some news that NASI will not join the Russell 2000? There was talk about this pushing up the price last week and now the drop-off. News on the R2000 list was due out on June 8. So it may be that someone knows NASI will not make the list, or conversely the big money knows that it will and is trying to accumulate at reduced prices.
Jetjock, if it drops to $15 in the next day or two I would not be in a big hurry to jump in ***IMO****.
It will have dipped below 10 and 25 day EMA and will be at 50 day EMA around $15.
I see the next major support at about $13.
Any ideas from the more seasoned chartists?