today's action is a bit interesting. Some one placed a clear visible bid for 2.5 million shares ask at 0.0232 for the last 3 hours or so.
If someone truly want to sell those, I think they would put the asks in smaller quantities or sell slowly by letting the price climb. Instead, they kept the whole big block for trade for hours for everyone to see.
That is suspicious. It looked like an effort to scare longs and force them into selling. What would anyone think when someone wants to sell 2.4 m? Of course, the price is going to drop quickly and seems that person with 2.4 million shares want the price to drop so that they can accumulate.
In fact, there were bids of 500k to 1m at 0.023 and a lot of volume was accumulated there. Regardless, the fact that volume hit 50M while price is up 10% is telling of the potential bull move that is coming on Monday. I am expecting 80 to 100 million volume on Monday with a price above 0.03.
There may be some good news coming out on Monday as well. Regardless of the news, the stock looks ripe for a bounce. Read my posts from yesterday with detailed logic that expected todays bounce and the bounce that is coming next few days.
Let's see how this would turn out.
I am expecting a quick spike up after that 2.4 M clears
