I am still long but today just sucks for anyone who just trades charts and not fundies/potentials.
Todays disaster may not show yet but it's plain as day
this is damaged and could easily go lower. 5x avg volume -huge % drop. ugh.
Yes, 13.25 to be exact week of March 5th, weekly volume 5.03M.
So far today, Fryday morning, they're pushing on that with 5.07M weekly volume. So, already higher volume than the swing. So the new low of this week will have to be tested again.
I don't like they are ripping off investors. It's a scam.
Lots of competition; no moat. I saw a young girl at the grocery store wearing some nice looking headphones. They were COBY. They are one of many brand that beat SKUL in the low end stuff. Also, note from the call that they had unexpected increases in "lower margin" higher-end phones (aviator and another). So where they can potentially beat out the competition, the margins are lower.
Correction, I meant to say Skul is a heavily shorted stock not heavily traded. PS I'm heading out West for 2 weeks of fun and relaxation. I won't be turning on a computer till I get back. Let's get Skully back to 17- 18 by time I get back. Good luck to all.
My $.02 is this stock is not done just yet.
If you notice, volume was not quite as high as it was when it dropped after the last earnings report. Granted, the fall wasn't as far.
I bought some today not too far from the bottom but I think I'm gonna exit that pretty quick and let it settle. I do think OP is right and you're going to look at another drop soon.
Yes John, I got a little carried away with the ultimite fate of this no-story stock.
My more near-term prescience is that if it can get under and close above 13.25 tommorow and the volume dries up to less than 2.2 million shares then it will bounce. Bounce to the 15 area I suspect; and settle in at the round number strike price, 15.00. The 0.618 between 16.80 and 13.23 is 15.44. That should be the last chance for an exit.
Ditto Turtle and I'll add the following for the cheerleaders:
The 1:1 extension of the AB=CD on daily was 14.14.
The 0.618 between 11.87 and 17.76 is 14.12.
The 1:1.272 extension of the AB=1.272CD is 13.42
The 0.768 between 11.87 and 17.76 is 13.13.
The magnet stick of Mar 6th has a range of 13.25 to 13.95.
The low today was 14.00.
It did not test the magnet high-volume-low stick.
They always do (Gee haven't I stressed this before?)
They left it hanging over that magnet stick with even bigger volume than the magnet.
This bar today is NOT stopping action.
It'll probably go all the way thru the magnet stick and tag 13.25, either right away or after a dead cat bounce.
There are monsters (Funds) getting out of the stock and this has little to nothing to do with shorts, naked shorting, or the uptick rule.
The monsters marked it up to 17.76 on low volume distributing this paper to the public.
The CEO buys $250K of stock to juice the charade, now we'll see how much of a raise he gave himself and his cohorts (it's in the earnings script,read for yourself). What theatre this is. But he conveys confidence, so he must be your buddy; rrrrright.
If you're lucky you'll get a dead cat bounce, perhaps to $15 and one last opportunity to get out before it crashes again when the follow-up shoe drops. Probable bounces are here at the 0.618 and at the 0.786, $13.13. But don't expect too much; sell when the volume dries up and move on, don't look back, take it off your radar. This is one ugly chart; they'll eventually grind it down to delisting status.
There is nothing but air under $12.