Since the first Red candle of the selloff in ENE the Stock has traded a grand total of 586 million shares if you count the volume on the daily bars and round to the nearest million. Now with a float of about 660 million shares (I have to check the statistics again) Then I would have to assume that there is still the possibility of more room to the downside on this one but it is probably nearing a bottom. What do you think?
Yeah, that's quit a decline. But keep in mind that with accounting irregularities it's often sell first, ask questions later. It's nearing month end and I think there are a lot of mutual funds that don't want this on their sheets. You can be sure of shareholder class action suits as well, if they haven't popped up already
i've made a half dozen or so scalps in this name during this selloff, and most of them have been between 10 and 70c gains, but I wouldn't overnight it if I could buy it with monopoly money. I have learned that irregularities just get worse, never better. It's best just to avoid this name. Chart wise, it's juicy, but it could halt and gap down 10 pts at any time. I would just move on.