Grandich has suggested this stock is way oversold... a quick check says I agree and the price is below book value of 1.85... I'm showing 36 million shares out and some obvious concern over conditions of a financing... I have no idea about options or warrants outstanding... I suggest any that are/were out there have been cashed in to bail before they lost any more value.. (a hunch ... I have no proof...)...
I'm seeing more and more corrections, but this one is out of control... with two lower bollinger piercings it may do a quick bounce but will most likely come back to test support at the bounce... this one is a worthy bottom pick if we can land it...
What we are looking for is a bounce tomorrow that tucks itself in the area of the tail and closes above todays close by 1/2 way ... on Monday the open is above Thursday's close.. and closes over Friday's close preferably... . it may bounce to to the 10 or 20 day average where it should stall and come back to the lower bollinger which should be rising to meet it which signifies a double bounce on decreasing volume.... Which signifies a bottom... with a lower bollinger touch that recovers and does not move below the first bounce...
If we make a new low then we do the routine until we get the bounce... bailing on any move to break support using a mental stop you are comfortable with... my own at this point would be todays lower tail... at 1.40.
That's kind of textbook and could vary significantly intraday
GLTA Lostoutwest
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