Agreed, Nickycruz, the tax loss selling is probably done for the day, as the poor traders who don't know what investing is, used IMSC for tax selling…. So we had diarrhea of the weak holders!! I was actually surprised to see this trading under $1.00 in the last month…, and so used the opportunity to back up the truck, and double up my holdings…Thanks to you guys who sold me shares for as little at 0.79!! A positive finish will make these people who are afraid of having debt, start to rationalize about why they sold it, when the story is just starting.
So all day until around 10 minutes ago, total volume was around 26K shares and price kept around 0.795 to 0.80. In the last 10 minutes, only 4,000 more shares sold, day's volume total now 30,800, and price is up to .845 where last sale was. So price popped up 5% on 4,00 shares. Seems to me the sellers have dried up at these ridiculously low prices,and the bottom pattern is evolving fairly symmetrically. I count about another 12 days or so of backing and moving sideways, with slightly increased volatility, maybe even another retest of the .77 to .79 support level, until bottom symmetry is completed, and then I anticipate a move back up to the . 1.00 to 1.05 range. Just from a technical viewpoint. No fundamental statement is being made.
Chart of MONIF-- had a major reversal top at around 1.35; now working on left shoulder of a head and shoulders top, with volume confirmation. has over a BILLION shares outstanding!! Stock needs pumping to deal with the selling. JMHO as a chart reader.
Support level is between 0.85 and 0.90. Chart is completing a fairly quick head-and-shoulders top, with falling volume peeks at left shoulder, so expect it to fall back at least to that support level. Hard for it to move up without any positive earnings for a quarter or more, except on a buy out. Annual Revenues, which are 120 million for this company, would mean a buyout at current price would be around 9 X annual revenues… which is sorta steep.