So we have a minor dip today at the market.
Price closed above the 5 & 15 MA lines which is still bullish.
As for me, my conviction is being tested with a heavy drawdown from $DMRC.
Price traded to the support at $28.5x level. Let’s see if this support will hold. Somehow, despite today bloodbath with low volume, I’m not too concerned with the price action. I’m just going to hold this one until I hear news one way or the other.
Today, I started a new position on $HYGS. I like the prospect of hydrogen fuel cell being the “ideal” power backup for data center. This news article, CommScope Partners with Hydrogenics to Provide Indoor Backup Power Solution for Data Centers, is what sold me on the merit of $HYGS. When you think of data center, what come to your mind? Does Google, Amazon, Facebook, or IBM ring a bell?
See how the price is trending up? Pretty soon, I expect price to climb above the 79 & 89 MA lines. Nevertheless, the 79 & 89 MA lines are where the $19.3x wall of resistance is located. To break out of that resistance, $HYGS needs to get one of the brand names mentioned above to take up its backup power solution. $HYGS had recently done a secondary offering in May which explained the drop from $20 in mid-May. With the secondary out of the way, let’s see if this one can climb back up to former glory by doing business with the big guys. Btw, I sold all my $NMRX position to buy $HYGS. Since I already have $ORBC, I don’t need $NMRX. I also scaled down $AMRN to buy more $HYGS.
$STV took a dip after the open but bounced back up nicely.
See the long-tail candlestick bar here? If price takes out today high tomorrow, we may be on for a good bounce.
$ORBC couldn’t overcome the resistance and fell back down below.
I’m not worried about this one at all. I’ve strong conviction on this one simply because they just have six brand new satellites up in space with eleven more to go by the end of the year.
Basically, all my positions took in water today which set me back 3%. YTD loss is now at 2.2%.
LRAD, DMRC, HYGS, STV, KGJI, ORBC, AMRN and 3% cash.
From my other account:
$FITX was the only stock that went up for me today.
Good thing I added more yesterday.
My 2 cents.
Categories: Daily trading Journal