Globalstar, Inc. (OTCMKTS:GSAT) Trips At $1.50 Again

Yesterday’s session cut short the latest green run of Globalstar, Inc. (OTCMKTS:GSAT). The ticker managed to punch through the $1.50 mark in early trading but was quickly pressed down and dipped under its previous close in the afternoon, to end the day over 5% in the red.

This is the third time GSAT tried to shoot for $1.50 this month and it’s also the third time when it did not manage to close above that level. Throughout October the price bounced up and down in the $1.20 to $1.40 range, showing what many would interpret as resistance at the low point of that range.

Nothing has dramatically changed with GSAT since we last covered the stock. The company posted a press release yesterday, congratulating the new Chairman and Commissioner of the Federal Communications Commission, in the face of, respectively Tom Wheeler and Michael O’Rielly.

The company has not come up with any new filings following the 8-K from mid-October. Trading seems to have fallen into a pattern, waiting for a bigger news release to trigger a wilder move. At the very least the ticker has shows resilience in its low range and the fears of uglier drops taking place if the price rips into the 20-s have been alleviated for the time being.

GSAT is currently trading down the early session after dancing on both sides of its last close.

Other big dollar volume movers and shakers in yesterday’s session include Pan Global Corp. (OTCMKTS:PGLO) who closed 10% up on heavy volume. North American Oil & Gas Corp. (OTCBB:NAMG) dropped 6% on Wednesday and are once again red in today’s session.