Despite a very strong buy signal a few days ago, the stock continues to go down, I have a suspicion about the motive, but, need more time to research.
I’ve just confirmed my suspicion, someone is manipulating the stock, in my opinion someone (a market maker) shorted this stock, and needs to cover as low as possible, why tell I this? Because I’ve noticed about ten trades with exactly the same amount of shares ( 1542077 ) and these trades had happenned all at, or very, very close to the LOD, so, after make the stock go down, usually with low volume, someone buy precisely 1542077, and this happens since about 4 weeks ago, at least 10 times, just follow the stock closely and you will see this happening.
Yes, this is possible, through foreign accounts and the MM’s with naked shorts.
I’ve just filled a complaint with the SEC, despite of believe that they do not make anything about this.
Only this can explain why a stock that just almost doubled the revenue for the six month ended June 30, 2007, compared with the same period last year, continues to go down and deny high reliable technical reversal patterns, like, for example the weekly candle of two weeks ago, red, but with a close above the open, in about 90% of the cases, after a candle like this one, cames a white candle, this is usually very reliable and that is why I’ve told that the stock will make a white candle.
You can see this candle in this link below, it’s the second counting from the end.
http://stockcharts.com/h-sc/ui?s=IHGR&p=W&b=5&g=0&id=p42117675726
Another very important detail, the volume, just look to the monstrous increase in volume in the last ten weeks, compared with the rest of the chart, for me, this was and still is, the most important motive to buy this stock.
Look again to another very important detail, seven days ago, the stock made a powerful white candle with a GAP UP, signal of strongness, has broken the PAR SAR, generated a BUY signal and went down with low volume the same day, and, the very next day, another red candle driving the stock to the previous support point, about 0.0011, and why a trade like this ( 1542077 ) don’t move the stock up when some days, this trade represents 30% or even more of the daily volume, only manipulation explain this pattern.
To conclude, even with this, I still believe the stock will run hard, at least to 0.0090, I base my analysis on the volume of the weekly chart, more, the stock is completely oversold, these two indicators together will make the stock run, IMO.
Support: 0.0006
Resistance: 0.0010; 0.0022; 0.0044; 0.0090
Happy trading
Dr Penny Stock
