Technicals are a terrible idea when the market has zero capacity to place a value on the stock. We could get to August and find out that the business has less than 12 months of cash and is loosing money
The smart money is sitting on the sideline to make sure that the business is actually investable and is going to be around in a few years. Because if anybodys idea of trying to double your money on the stock market is to invest without a valuation of the business, then your better off putting your money on RED at the casino. It has similar odds but pays out much faster.
And for all of the people here who are saying hang on this company had a market cap of $xxx million dollars, its the shorters who are manipulating the market and it will recover, go and check out the forum for Big Un (ASX:BIG)... It can happen...
Its your MONEY, invest it, don't gamble it.
BLA Price at posting:
$2.48 Sentiment: Sell Disclosure: Not Held