The company seems to be on the rebound after announcing a few weeks back a Debt Purchase and Settlement Agreement (20 Million dollar load forgiveness.) The stocks been climbing back up since mid August. Thoughts?
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FreeSeas Inc (FREE)
The company seems to be on the rebound after announcing a few weeks back a Debt Purchase and Settlement Agreement (20 Million dollar load forgiveness.) The stocks been climbing back up since mid August. Thoughts?
Price still seems to be settling down. I'm curious what other investors see here. bluehorseshoestocks Newsletter featured FREE on their extended watchlist today.
This is what they wrote...
FreeSeas, Inc. FREE
Over the course of a few weeks since we alerted FREE for the first time on 09/10, we have seen FREE go on a mammoth run from .2213 all the way up to .9287, an increase of 320%
Following that peak, the stock has pulled back to find support in the .60-.70 range, and now have it on watch for another possible leg up from these levels. The next key area of resistance from here is going to be the 200DMA at .98.
Made lower highs off top, a bearish sign. However, its approaching .60 support. If it can hold in the morning it'll get a dead cat bounce for you. Chart is just not there at the moment. You posted about this near the top. I try to play things about to make a move, not those that have already made the move. Could this setup a bullish pattern in the future? Sure, I've played this in the past lots of times, but at the moment their are easier setups. Keep it simple and easy. Make money, move on. Don't guess or gamble, just play high quality, predictable setups.
FREE did both today, gotta a quick bounce this morning, then support cracked and is now sitting near .50.
