Not only that, but it was done in such a way as to attract buyers before the rug was pulled out..like lighting a candle to trap moths..
Straight out of the gate GLUU showed strength and actually looked poised to test recent highs at around $5.65.
But then, without any reason that we could discern, waves of controlled selling came into this stock and stayed there for the remainder of the session.
It clearly had the telltale signs of something being leaked prior to tomorrow's earnings report..which if true, is yet another example of the seedier and unfortunate side of this business.
Anyway, as you can see in the 30min chart below, we've pegged short term resistance at around $5.25-$5.30 zone..
Should we get a pre-earnings rebound, we'll probably scale out in that band just to be on the safe side.
Now, if you look at the Weekly chart below that, you can see all the positive work that was done around the $4.95-$5.05 area..which is now longer term support.
Additionally, the 50Day MA rests at $4.96 so a test of that zone could be in the cards.
Net net, anything could of caused today's tumble including the rumored delayed release of the Katy Perry game.
That being said, we still think there was a reason for all that buying that formed the foundation for this one in the first place.
So, that's all we know right now but rest assured we'll be watching it closely tomorrow to gauge whether what happened today was just Market Maker shenanigans or insider trading or the usual attempt to walk people to the door before the stock takes off again.
Let's see what happens....