Looking to pick up this one near the psychological level of $2, and a wide stop at the lows of July 2012 to play on the bounce back to $6.5.
Fundamentally there is a big risk of bankruptcy given the credit risk, 600 million cash remaining and debt interest at 15.4%. I will not be holding on for long, do keep your position size small too.
Keep checking back! I will be looking for signs of bottoming in the lower timeframe (1~4 hrs)
Another leg might develop sune, let's see if it stops at $3 for a double bottom. :)
Watching 2.71 support, not a lot of selling interest so far .
Entered a position here.
Stop loss: 2.74
Take profit: 3.81 (0.236 retracement)
Stop loss moved to $3.
$4.35 is possible, but I'd recommend taking some profits at 3.81.