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Muscle Pharm Corp. Message Board

  • investora2z investora2z Feb 16, 2013 4:56 AM Flag

    Yesterday's price movement

    Yesterday's price movement in this stock was interesting. The stock opened around previous close of $6, went down to $5.46 and rebounded to close at $5.75. Importantly, intraday, it breached the 200 DMA (~$5.7) and managed to rebound to close above it. Of course, it lost ground compared to the last close but the increased volumes of around 50K shares compared with the average of 31K showed some excitement. MSLP is still trading above the 50DMA of 5.10. However, the next few days will be crucial to see whether the 200DMA will hold or not. If it does, and with increased volumes like yesterday, then it would appear that the stock has completed 50% retracement of its recent move from around $4 to $7.8 or so. Mind you, the stock is still up by more than 50% from the price a month ago. The 52W high / low is $3.90 / $8.50. The stock is far away from both these levels. The letter to the shareholders written by the CEO yesterday could be the reason for the volatility. It seems that people could have been more positive but the intraday breach of 200DMA scared some of them. It is probable that the recent lows of around $4.0 are likely to be the near term bottom for the stock and any revert to that level should be a good buying opportunity. This is because all this (100% move from $4 in February) was backed by good volumes as some big investor bought a big chunk. Thus, two immediate support levels exist and are important. The 200 DMA and the 50 DMA. $5.0 is anyway a round figure which could add a little more strength to the short term average. After that $4 is a very strong support as the charts indicate several bottoms over the past few months at that level.

 
MSLP
6.80-0.01(-0.15%)12:38 PMEDT

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