Most stocks that break down below the 50-dma will retest that moving average before resuming it's downtrend. It's technicaly important to close above and stay above the 50-dma ($13.08) to signal a bullish reversal. Right now, I'm hopeful but not elated. The way this one trades, I wouldn't be surprised if it tanks in the last half hour and closes red.
This is the first stock since VVTV in 2000 or so that I have nailed. That one was a 4 baqgger. One more good day and I've got a 2 bagger on this. I wish I could say this will go to 21 making it a 3 bagger, but just not sure until their rayon thing hits.
Hi Stan, today was an important day technically. Closing above the 50-dma is the first sign of bullishness. If we get positive follow-through tomorrow, then I will be 100% bullish in both near and long-term. If it tanks hard tomorrow, then we have a lot more consolidating to do at lower prices. Let's wait and see what happens.