Globalstar, Inc. (OTCMKTS:GSAT) FallsInto a Pattern

06GSAT_chart.pngYesterday’s market was kinder to the Globalstar, Inc. (OTCMKTS:GSAT) and the stock only inched one percent down, after a 4% drop on Monday. By the bell GSAT was trading at $1.38 per share.

The ticker seems to be locked in a range between $1.30 and $1.50 per share, struggling to break through. In early October GSAT almost managed to climb over the high end of that range but was pushed back. The price bounced off the $1.30 mark and started another climb, which once again reversed even though it managed to reach $1.53 intra-day this time around.

Now GSAT is moving down again, hopefully to meet what some may interpret as resistance at the one dollar thirty mark. The price is moving on its own now, with no recent press releases and filings coming from the company. GSAT is generally quiet on the PR sector as the company seems to be busy building and expanding its business and only stops to release significant news, unlike a number of other OTC companies.

Some traders on discussion boards voice concerns about the share volume of GSAT slipping significantly over this week’s sessions. Monday and Tuesday this week logged far lower volume compared to the previous ten sessions in a row and the price slipped by eight cents.

GSAT_logo.pngFiguring out where the ticker is headed remains difficult. A slip below $1.30 could cause further damage and GSAT opened today’s session red, currently trading over 3% down, at $1.33 per share, on what looks like returning volume with half a million shares having changed hands in less than thirdy minutes.

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