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Sunesis Pharmaceuticals, Inc. Message Board

marko29911 1 post  |  Last Activity: Nov 29, 2014 10:41 AM Member since: Feb 9, 2013
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    Wow... Almost at a 52 week low...

    by trademaker_va Nov 28, 2014 11:07 AM
    marko29911 marko29911 Nov 29, 2014 10:41 AM Flag

    I was ready to buy yesterday if TPLM hit $5.75 and was shocked to see it trading in pre-market in the $5.30's - let alone to close 4 cents off the low for the day at $4.82. Honestly, I don't think that support at the $4.60 - $4.80 level holds, despite the bloodbath that the whole industry has taken the past two months. The last time we had WTI in the $60's was the summer of 2010 and I'm afraid that TPLM's final resting place in the past few months will be the $3.50 weekly support from the summer of 2011 when US debt was downgraded by the S&P.

    I expect TPLM will find some modest support around $4.50 or $4.60 early next week as traders try to play a bounce, and then later in the month around the $4.00 range, but I'm afraid that we'll be in the $3's before too long. The only thing that prevents that, I think, is a world event that takes out some supply in the oil market in the middle east, or perhaps that TPLM already had a deal set, but unannounced, to sell Rockpile - which would give it a temporary pop on the cash infusion.

    WTI hasn't sunk this low since the summer of 2009 and it's a pretty safe bet that we test the $60 weekly support level from July 2009 in the next 60 days, if not the next week. The fact that we're heading into the Bakken's tough weather season won't help either.

    I actually bought 5000 shares at $4.82 at the close Friday thinking I could play a bounce on Monday, but when I looked and saw that WTI has slipped from the $68 level to $66 at days end I decided that it was better to wait fro more fallout and was able to sell out of my position between $4.85 and $4.97 in aftermarket trading. Barring a geopolitical flare-up in the oil sector over the weekend, $5 should serve as stiff resistance for TPLM and my guess is that it will be fighting to hold $4.50 on Monday.

    If I try and guess a bottom again for TPLM it won't likely be until WTI tests that $60 level.

    GLTA

SNSS
2.53-0.05(-1.94%)Dec 19 4:00 PMEST

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