Previous Close on Wed Nov 7 = 9.09
Thursday, Nov 8 Daily Pivots:
R3 = 10.16
R2 = 9.62
R1 = 9.36
Pivot = 9.08
S1 = 8.82
S2 = 8.54
S3 = 8.00
So far today, SKUL opened at the Pivot and ran down and broke under S1 and now trading under S1 = 8.82.
Weekly (5-day) pivots for Thursday, Nov 8th:
R3 = 17.25
R2 = 13.65
R1 = 11.40
Pivot = 10.06
S1 = 7.80
S2 = 6.47
S3 = 2.88
A = 16.75 (Aug 13th high)
B = 11.84 (Sept 13th low)
C = 14.58 (Oct 5th high)
D = 9.67 for a 100% extension - did not hold
D = 8.33 for a 127.2% extension - next logical target
An $8 target area is confirmed by the Daily Pivot Support 3 = 8.00 and by the lower support line of the trend channel defined by the high of Nov 11, 2011, the high of Aug 13th 2012 and the parallel support line passing thru the low of Dec 13, 2011.
The $8.00 area appears to be a logical buy zone.
Using the 14.58 swing high and assuming it actually gets to a low of $8.00, then fibbonacci retracements would be the following:
38.2% = 10.51
50.0% = 11.29
61.8% = 12.07 ($12 is the major supply line)
Using the 16.75 high and asssuming it actually gets to a low of $8.00, then:
38.2% = 11.34
Likely retracement would be at the confluence of 11.29 to 11.34....with a bounce off of $8.00.
this is an epic wipeout - who could have seen this coming?! the number one shorted stock on the nasdaq suffers an epic collapse ..... amazing -
What a rigged casino this market is - Sad that this management seems unabale to do much but give themselves more stock .... they dont even have any cash to buy back stock with ...