A News Release that suggested detailed channel samples were returned with no appreciable results may have been the cause of a large dump of shares in the lower .40 cent area... The real cause may forever be a mystery... As chartists we are concerned with the markets reaction to news...
The resulting chart candle was the first down candle positioning to the right, and down of the lower bollinger... this is not a lower bollinger touch.... this is a setup for a lower bollinger skid... however the candle did pierce the lower bollinger... still, because the bollinger was expanding (Look close) as this occurred... it is not the same as ranging lower bollinger piercing where the volatility is low as a pullback in a rising or ranging trend. Lower bollinger touches often don't actually touch the lower bollinger, and if they peirce the lower bollinger...they often close up back up over the lower bollinger immediately.
This lower bollinger piercing closed below the bollinger (Ominous) may bounce as lower bollinger piercings have a tendency to do 98% of the time... however the bounce should be short lived if it does occur... Lower bollinger skids can produce multiple piercings over the course of a few days... this is not an area to play unless you are very nimble... better to wait until the volatility clears than claim fame to catching a falling knife pattern.
The OTCQX listing in itself may lure a few buyers in... but for the most part... the value we have experienced in any new listing is buried in the over time response from new blood finding it... rather than any small bumps from those playing the release.
This development does not change the reasons for following Medallion... as at the same time we had more Micky Fulp speak on it... and the new listing will provide 10 times exposure... maybe from a lower starting point.. we are looking much closer and frequent for the short term to see if there is a solid bounce in this... stay tuned.
Check out the MDL.V "Special Focus Study" link in the right hand sidebar.
News Release
Bullboard
GLTA Lostoutwest
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