NASDAQ:CEMI made a heck of a run on 7/21 so I figured we should do a quick and dirty Fib Retracement. Using the most recent low as the anchor and the high from JUST before CEMI gapped down last June, the candles line up with some interesting levels. It looks like the 786 fib line has consistently held as major support before breaking down below it this last time around. One of the more consistent levels of resistance seems to have been around that 50 fib line. Whenever CEMI approached it or briefly tested it, it wasn't able to sustain price much longer if at all. Now that it has gone ap sh*t, there's a few things to keep in mind both technical and fundamental. First, technical, CEMI has broken firmly above the 50 fib so this would theoretically be a level to watch to confirm whether it becomes a new support or if it once again acts as resistance. Second, the next level, 236 fib, has only been a "major" resistance point 1 time, so whether that makes it "another level to watch" is to be seen but just in case, it could be another level to watch...
Now, after this move, I'm sure everyone is hyped BUT don't forget what was filed just 2 days ago...
"But…and there’s a but here…keep the company’s filings in mind. Big moves are great, but when companies raise capital, it can put a damper on things depending on the price that the money is raised at. A few days ago, the company filed for an at-the-market offering for up to $60 million. No pricing was disclosed in that 8-K filing. So no matter what analysts are saying, keep this in mind if CEMI is on your list of penny stocks to watch right now." - Best Penny Stocks To Buy Now? Analysts See 85%-288% Upside In 3
You guessed it...an ATM offering for up to $60 mill. Aside from the technicals, it's important to keep this in mind because if there's an offering at a discount coming from this 8K, who knows what could happen in the market. But...live life one candle at a time I suppose. If CEMI is on your watch list these are all points to keep track of.
Now, after this move, I'm sure everyone is hyped BUT don't forget what was filed just 2 days ago...
"But…and there’s a but here…keep the company’s filings in mind. Big moves are great, but when companies raise capital, it can put a damper on things depending on the price that the money is raised at. A few days ago, the company filed for an at-the-market offering for up to $60 million. No pricing was disclosed in that 8-K filing. So no matter what analysts are saying, keep this in mind if CEMI is on your list of penny stocks to watch right now." - Best Penny Stocks To Buy Now? Analysts See 85%-288% Upside In 3
You guessed it...an ATM offering for up to $60 mill. Aside from the technicals, it's important to keep this in mind because if there's an offering at a discount coming from this 8K, who knows what could happen in the market. But...live life one candle at a time I suppose. If CEMI is on your watch list these are all points to keep track of.