Anything above $8.00 will be a good indicator something is up and will be most positive for longs. On the other hand, anything below $7.00 at close today will be nerve wrecking for longs. Lord knows we longs need help. But the fact we recovered some of the losses A/H, Pre-Market and still holding is a bit encouraging. Most of the EOX longs are not use to the violent swings with low float factor, so get use to it! Again, from a chart perspective anything over $8.00 is very positive and at that point the shorts will be nervous and could rip in a matter of minutes as we saw the down spiral yesterday. This is why EOX insiders must assist buying back shares or exercise those series/options early next week.
By conviction, I entered a position yesterday knowing about R/S. I believe the most recent "Strong Sell" article published by Zacks had a direct impact to the sell off and many headed to the panic zone. So much conflicting information, about this, about that. Hope this can recover as it was attempting to do so AH@$8.00 best and within minutes wiped out! The bears surely got this one with pre-meditated strategy, continued high short interest, and with the history repeating itself for a second time R/S, is enough for anybody to raid this one. But, lets see how this plays out during the long weekend and hoping the executives and directors do something about it, quickly! Management needs to respond by publishing good news with future guidance or start to buy back some of those shares, or I can truly see an investigation brewing if this spirals below $5.00.
Does anybody have the recent stats for the current short interest? I am pretty good at looking at the "ShortSqueeze" site but not sure if is current. Is it 2%? Thanks for the response in advance and good luck longs! Hope the current Paulson stake will have an impact short-term/near future as the initial pop. Based on the history has same spike in the low $2.00's and a break out would be above $2.10.
And bam! Cracked $4.70's. THis is really the time to buy for a nice bounce! Thank you shorts, cramer and no catalyst in view for a nice entry point.
Sentiment: Strong Buy
on 01/16 the uptrend started at $5.21 and made good returns with Catalyst that Afreeza would go on the market. This time at these levels there is no catalyst in play and simple charting is in play. I do believe this time around MNKD will crack support levels and we will see $4.90's and a slow steady downtrend to $4.70's at lowest. I currently do not have a position (short nor long) today but if history serves us well, the charts is key. The short interest is nothing new. Yes, 30% seems to be the average short interest now a days, but it will be the shorts who may get nervous at these levels, and could absolutely get squeezed if accumulation and buy orders starts at any given moment. Anybody who knows how this has moved past 3 should know what I am saying, especially if you are going to day trade this pattern. I actually thank Cramer for recently saying bashing and saying " I am not a believer" of Mannkind which is nothing new coming from him. It actually is helping the price for us day traders to get it to high $4.00's which is a great entry point. Again, no catalyst in play at these levels, Cramer bashing helps, take heed to chart levels, and this sleeping darling pharma may reward those who are willing to enter a long position. Come on..$4.70 to $4.90.