Saturday, January 19, 2013
WRIT Stock Could See A Move Higher From Recent Lows
WRIT has been bouncing around near its 52 week low of $.0005. The stock closed at $.0008 on Friday and I think the stock will puts in a nice 100% rally from current prices. Why? The selling that brought the stock to $.0005 has slowed, and since November 2011 the accumulation has been building according to stockcharts.com.
Should the stock rally the first line of resistance lies at $.0012 and then $.0019. If the stock can break those levels a move to $.003 and better could be in the cards.
Always do your research before buying a penny stock like WRIT. It trades at $.0008 for a reason, usually dilution. However when that dilution stops and/or slows the stock can see a strong counter trend rally. I think that is what we will see with WRIT in the short term.