Market had another down day after spending all day trying to stay afloat.
But all is not lost, price still closed inside the consolidation range. The first “if” I talked about yesterday haven’t been breached yet.
The only one stock in my port that sunk the most is $CARA. The rest of my position were either neutral, slightly up or down which had minimum effect on my port.
While I’m taking a heat on $CARA, I didn’t mind much at all. I guess my big win on $KNDI has afforded me the luxury to bide my time on this one. Price has approached the 50% fib retracement from historical low to high, so let’s see if it will bounce next week. Btw, I added some more today when it bounced in the morning. However, I decided to keep my shares even though the price turned negative later on.
Speaking of $KNDI, earning report is supposed to come out Monday, although I’m no longer holding position for this pivotal event, I wish everyone who is holding good luck. If it takes off based on positive events, I may start to look for re-entry point.
$SEED closed back neutral after taking out the $2.60 support.
Did you see the doji formation today right at the support line? Meanwhile the 5 MA line is also approaching the 15 MA line, this could mean a potential bounce next week. Sometimes. the 5 MA line will come back down to touch the 15 MA before it bounces back up if the uptrend momentum is strong. Let’s see if this is the case.
$KGJI had a strong opening which took out the $1.85. It reached as high as $1.94 before coming back down to close slightly lower.
Because of the spike up, I added some more in the morning. I’m still holding my added shares ’cause I believe price will eventually take out the ultimate $2.00 resistance. Once that is taken out, I believe price will fly. Why?
$KGJI had been consolidating in a range for almost four months now and volume was also increasing recently. With gold price as well as gold mining stocks climbing for the last several weeks, there is only so much the bear can do to keep $KGJI stuck in a range while almost every gold related stocks are climbing. Thus, I believe once $KGJI is back in the limelight, price will soar.
$MZOR is also stuck on the consolidation range.
Although it was only for about two months, any good news will kick this one up to the upside.
$LRAD closed the week slightly down.
But if you look at the weekly chart above, what come to your mind? It is in a bullish trend, isn’t it?
I also bought a small starter position on $CERS when it was up in the morning (which I forgot to mention on twitter), I decided to keep the position even though it closed negative for the day. Having a small position will allow me to keep an eye on this and give me the opportunity to add more when price begin to climb again.
Look at the weekly chart above, price has strong support at the $5.75 level.
Due to $CARA downdraft, my port dropped another notch. However, I’m still up nicely for the year.
LRAD, SEED, MZOR, CARA, KGJI, CERS and 24% cash.
From my other account:
$FITX chart looks very positive with a second green bar.
There may be a good chance price may bounce next week.
My 2 cents.
Categories: Daily trading Journal