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| February 28, 2008 |
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Short Squeeze: Converted Organics Inc. (COIN) |
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UPDATE: Last October, the Fusion IQ quantitative ranking system generated a BUY signal in Converted
Organics Inc. (COIN), as the chart below shows.
Converted
Organics Inc. (COIN) a manufacturer of organic biostimulants, a natural
fertilizing product used in organic farming, scored a new FusionIQ Short Squeeze
signal last week (February 21).
With 19.87% of its float short, and shares trading up on over
two times its average daily trading volume, it appears that shorts betting on a
price decline have been panicked into buying back shares as they advance higher.
The point
and figure future projected price target for COIN shares is $17.00. We think $10.40 is an appropriate stop loss here for traders.
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