I don't know much about the current state of the company, but this Head and Shoulders pattern that's playing is all to textbook to ignore. The rest of this month will likely complete this pattern. Strictly from a technical perspective, I can see the stock falling to the $32~$34 range. OR it could takeoff to another galaxy. Only Time Will Tell.
"I don't know much about the current state of the company"...what's the point of giving an opinion then? (Seriously, how can someone give an opinion without taking into account both technical & fundamentals ?!)
In this case, company events (equity offering) have all to do with the current pattern. Watch what will happen once they've announced the completion of the offering...
MrxMvP
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@ferkoss78, My opinion is coming from a technical perspective only. I haven't been following the company very long, but I do still stand by my opinion after the completion of my DD.
It is really getting the shoulder head shoulder form, very worrying, it can go to $19
Montecito101
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@bourse7q329f, It could go to $19 but @ferkoss68 is correct. There is going to be a massive reaction once they complete the recent offering. I believe the upside risk is much more scary from a short perspective. This stock is so volatile and can easily move 20+% in a day. Covering would accelerate and probably exacerbate the upside move. I'm following the institutional money on this one and betting that we see an explosion to $75 in the near future.
MrxMvP
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@Montecito101, Agreed. Rarely can go wrong when you "follow the money"
In this case, company events (equity offering) have all to do with the current pattern. Watch what will happen once they've announced the completion of the offering...