Okay folks, Cemjq closed today at .94 on anemic volume. We saw 733,597 in volume toay, Nov. 2, 2009, and it was about even with around 313,153 buys versus 393,091 sells. So we had a slight red inverted hammer form today. Let's take a closer look at the what these indicators are telling us.
The RSI (14) is at 45.74, and it has not been this low or even below 50 since July 2009, which was the tail end of the longest consolidation period post bankruptcy trading for Chemtura. It was sub 50 before CEMJQ started flexing on the markets during its prolonged consolidation period of @ 35 trading days, give or take a couple.
The MACD indicator is closing in on 0.00, and it hasn't been near this level since June/July of 2009 during that protracted consolidation period.
The full stochastics are below 20 for the first time since that same 35+ consolidation period back in late June.
The CCI (20) is nearing -100, and it has not been this low since that June/July consolidation period.
The PPO Oscillator is nearing 0 again, and again we haven't seen it this low since July 2009 during that big consolidation period.
Many of these indicators are extremely oversold, and the volume is thinning on this pullback, which could be setting the table for Chemtura's Next Monster Run. Although I feel we could be in for another big round of consolidation, which we are currently in the midst of here, I do believe good news has been hitting Chemtura's table and, in my opinion, it is being set for bigger moves ahead.
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