nice little pop this morning - it will be telling if it holds
if it +60 cents holds and volume increases it will be a strong support level. if +60 cents holds but volume does not increase then it will be a weak support level. as much as this stock has suffered don't be surprised to see it above $1 without any news.
Look @ the chart for FMDA. You will see virtually no interest in terms of volume for weeks & weeks - then a sudden sharp rise in trading for no apparent reason which levers the PPS up for a while, which then promptly falls back to its old level - or lower.
Seasoned FMDA watchers know that this "wave" can be ridden by buying in low and selling out quickly after a 10-15% hike before the next trough. Bear in mind that a R/S could be on the cards to get the PPS above $1 - and historically, most shares typically lose shareholder value in a R/S - FMDA lost buckets in the last one.
As FMDA is now well below the $1 min. bid price and below the market cap. requirement, there is little point in those that have sought to hike the price throwing their dough away anymore in trying to get it back into compliance by buying activity, as the market is very "familiar" with this company now and knows how to tell a rotting turkey from a live goose that lays golden eggs.
Underneath the general downward trend there are spikes which seem to correlate with sales of new stock and these short term PPS hikes - no doubt a bit of volume helps jack the price up just enough to enable the new stock to be sold on at the right margin....
Play the day trades and take their money by all means - just don't hold it for any length of time, as the long term PPS graph @ www.nasdaq.com seems to show only too clearly where it's going to end up - the graph's origin?