Oct 16, 2009 @ 12:44 PM PDT
When the recession hit, Audiovox was already in the process of cutting its fat, whereas other companies were only just beginning.
I thought MDRNA, Inc. (NASDAQ:MRNA) had a shot at staving off a pullback. Now, however, it seems inevitable.
The key here was support at $1.00... a psychologically important level. With MDRNA, Inc. shares currently at $0.94, clearly that floor's been broken. However, the stock's been trending lower for months; it just happens to be accelerating lower now.
There's support for MRNA around $0.23, where the stock moved sideways for months earlier in the year. You could make the argument that MDRNA, Inc. might find support at the low from the blip in early May, but that's not a meaningful mark.
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Globalstar, Inc. (NASDAQ:GSAT) looks like it's in recovery mode again. I only wish I had been able to get this message out to you guys a few hours earlier. Still, there's plenty of upside left.
The chart of Globalstar, Inc. says it all. The downward-sloping resistance line plaguing GSAT since July was broken a couple of weeks ago. The move was in doubt, however, until the last three days when the chart took off on an increasing amount of buying volume.
While I think Globalstar shares are overbought at this point, considering that the stock was at $2.00 just a few months ago I don't think the market's going to care about being overbought. I'd get into GSAT at any reasonable limit price.
And finally, eDOORWAYS Corporation (OTC:EDWY) is that stock 'on the verge'.
eDOORWAYS Corporation shares have a couple of things going for them. The first is support at $0.03, where we saw a rebound a few days ago as well as in mid-October. The other upside - even if a little uneven - is that buying volume has easily topped selling volume over the last six weeks.
There are also a couple of challenges ahead for eDOORWAYS Corporation, the biggest of which is resistance at $0.051. The stock's knocking on the door pretty hard though, and I think will eventually break through. When it does, I'm expecting EDWY to give us a performance much like the one we saw in August and September when it flew from current levels to above $0.15.
If you'd like to know of any changes in our opinion of MRNA, EDWY, or GSAT (or if we officially recommend them as trades), be sure to sign up for our free newsletter today. It's delivered weekly.
