Thursday, June 21, 2012

UPP (technical)

UPP: the stock has fallen >25% since announcing its share placement (15% of shares post placement) at issue price of $0.375. Possible technical rebound play. A base has formed at the $0.30 and stock price has crept back above the 20day MA. The key indicators are also rising, in particular with Stochastics reversing back up above oversold levels. MACD has also just crossed back into positive territory. This provides an opportunity for those looking to establish an early position in the counter. The stock is a potential breakout play on a successful break above the $0.34 resistance (coincides with 200day MA). Cut loss if stock dips below the $0.30 key support level.

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