The market bounced right off the 15 MA line as if on cue.
If price can close higher than today high next week, the bull is still in charge.
Anytime a short-term MA lines like 5 and 15 can act as support, it usually means the bull is still in full force. What we have is a healthy correction the market needs to take a breath.
Today price action on $GALE reminded me of my sloppiness. I was looking purely on chart and forgot to consider the fundamental reason why $GALE was down since January. It only took a reminder from Adam Feurerstein to put some sense back in every head. Needless to day, I paid for my sloppiness with a larger than expected losses since I added more in the morning. Oh well, lesson is learned and I’m moving on.
$BIOS could not hold on above $8 so I’m actually taking heat on this one.
From the chart, the 15 MA line served as a good support for now. Let’s see if price can bounce next week with the 15 MA as the launching pad. I added a bit more in the morning to round up my investment size. Hindsight speaking, my impatience had put me in disadvantage position on this stock. If the 15 MA support hold, I’ll hold onto to the position; if not, I’ll have to decide if I want to take my losses and move on. However, I’ve a feeling that if the general market is rallying next week, $BIOS will bounce as well.
$AMRN bounced slightly but still stayed on positive upward direction.
Although we had a new high from yesterday spike-up day, I consider the resistance is the high of two days ago at $1.56. I added some more this morning to round up my investment size.
$KGJI was down slightly today.
Price is still trading inside the consolidation range here. This stock has strong fundamental so I’m going to hang on to this for awhile with my eyes on the consolidation range.
$LRAD bounced nicely today.
Price is now trading at the edge of the upper consolidation range which also happens to be where the 79 & 89 MA lines are. It looks like price action is setting up for a strong bounce from here. Let’s see if this is the case next week.
$DMRC continued to bounce higher.
However, price is now banging its head against the resistance from Tuesday high (6/10) of $33.24. I feel that it can be easily breached to the upside if the general market continues to bounce.
Thanks to the rally of $DMRC and $LRAD, my two largest position, my port was up 0.55% despite losses from $GALE and minor corrections from some positions. YTD gain is now 4%.
LRAD, DMRC, SWIR, KGJI, BIOS, NMRX, APRI, AMRN and 5% cash.
From my other account:
$TRTC corrected some today.
Price found support at the 5 MA line. I’ll have to decide what to do with this position next week.
My 2 cents.
Categories: Daily trading Journal