Sorry, I've been busy lately, here is the chart and some explanation:
Attachment 137045
Not a pretty day at all, we closed near the lows of the day and below the 50-dma as well. The trend is negative at the moment and a trend change needs to be established by staying below this mark for a couple of trading sessions. If we stay below the 50-dma for the next two trading sessions, and make a new low at any time, we are likely to churn here for a couple of weeks. I don't see much downside here, rather, I see us popping back up above the 50-dma soon. I took the lows, panic lows that is, as my new lower support line. These lows were made when the stock was under huge pressure, and each time we bounced off those circled blue lows. When you join all of those extreme lows together you end up with what might be the final lower support line for the channel. Today we didn't drop low enough to touch that line again.
While the trade is becoming more bearish, it is being done on much lighter volume meaning that the bulls are killing time while they wait for news. We can easily pop above the 50-dma and make a move to regain that 5-dma again, just like today when we rapidly popped up to try and break above the 5-dma and failed, we could easily rally up again and break through it on Thursday. I still think the trade is intact and this will happen. As scary as it looks, I think we are flattening out the steep uptrend line to a more manageable rate of climb. We were at $ 2.00/shr per month and that can't continue forever. We need time to wait for the US launch here and that is way the programmed trading is flattening out here. Look for the open to be neutral, we might go negative to test this new longer term uptrend line, but in the end, I think we will regroup and go higher soon.
On Thursday, the 5-dma will open up at $ 14.20/shr, the downtrend line is close to $ 14.10/shr, that's our resistance, the support comes in at $ 13.35/shr as mentioned on this board, this is an extreme pullback, and, we should trade within this range and mount another attempt at turning this stock higher here. This revised uptrend line is looking like it might be what the traders need to get us to mid-March. The line is clean and follows the 50-dma perfectly here, either way, it will be resolved this week. Note that the RSI is looking like it has based out just like it did prior to a major run up in the first week of January. All of this still projects us to $ 21.00/shr here, nothing has changed except our nerves! GL.