Author been watching this stock for quite some time. This issue has been trendless for more or less 10 months. It's about to change it's par value from 1 cent to 1 peso. Prices seem to lethargic. Not much happening. Prices are ranging between 0.0097 to 0.0120. But from August to present prices been behaving well within 0.0100 to 0.0110. Interesting to know that the 65 sma and 130 sma have leveled from a declining trend. 260 sma however is about to either level out or cause some pressure or unbalance.
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| Greenergy prices in weekly mode. |
Chart source from advfn. Price displayed on weeklies within the time frame of 2 years. Prices have stalled the down trend that can be easily seen from the chart. The 13 weeks sma (Blue) has leveled and crossed the 26 weeks sma (Red). Note also interestingly prices did attempt to break the 52 week moving sma (Green) 4 times. The 52 week sma seems to be leveling out too. The question is what does the convergence of the 3 sma moving average says about GREEN? Will Green succumbed to another round of decline anytime soon or weak hands are exiting enmasse to finally let pressure off Green. Note that Support and Resistance is pegged at 0.0097 and 0.012 respectively.
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| Quotation for Greenergy. |
As mentioned the 260 simple moving average is hovering above the 0.011 level. Interestingly the effect on the current quotation seems phenomenal. Traders have been reluctant to sell immediately at 0.01. Buyers are scarce. The question is will prices continue the bear market for this particular issue or will prices settle for a long dull range trade?
Is the issue providing a good set up for a reversal? Only if the market decides to do so. Another interesting thing is are we seeing the exodus of weak hands? Sign of better days to come?
Comments are not stipulated as recommendation to buy nor sell.
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