Once again, the bull bounced off the magical 79 & 89 MA trampoline.
The probability of a continued bounce is high from here. If further bounce ensues, then we’ll have a higher correction low comparing to mid-December correction low which is proof that the bull is far from over. From the weekly chart below,
last week bar closed above the 15 MA line which was a sign that the bull is still on an uptrend. The last three weeks were simply a standard issue of normal corrections.
From my port, two out of four were up.
$DMRC bounced off the secondary supports (highs from October of last year).
Further bounce from here will give bull a better grip on the uptrend.
The weekly chart above showed that while the weekly bar was down, the bull was able to fight back and closed next to the uptrend line.
$ORBC, the other stock that was green for the day, while up slightly reflected a strong bullish attempt to climb back from the low of the day.
If price can take out Friday high, the probability of further bounce will increase.
$ORBC weekly chart below showed that the 89 MA support is holding the price level.
Price was able to climb back to close above the 89 MA line. Price needs to bounce from here to maintain a bullish stance.
$LRAD remained defensive while waiting for news…
Weekly chart above showed that price range was stuck b/w $2.6x and $2.7x. It was also a good thing price still closed above the 5 MA line. Any positive news on sales to two large Middle-East cities will blasted this one above $4.xx easily. Of course, the ultimate bet is that $LRAD is able to win the mass-notification projects.
$AMRN continued to trade range-bound.
As long as it stays range-bound at this level and not drifts any lower, price should stabilize with an inclination to move higher.
Due to $LRAD drawdown, the rallies from $DMRC and $ORBC were only able to reduce the damage to the port to 0.60%. YTD losses is now at 3.9%.
LRAD, DMRC, ORBC, AMRN (100% invested/speculated)
From my other account:
Still holding $ARTH and dividend stock $VTCQ.
Like $LRAD, $ARTH is stuck in the trading range waiting for news of partnership to help spearhead the human trials for their revolutionary “stop the bleeding” technology.
My 2 cents.
Categories: Daily trading Journal