The bull took a breather today on a Friday after a week of up days… however, it has created a pattern of a warning “red” Friday…
Take a look at the daily chart above, for the last two red Fridays (see circles), we have two following “down” weeks after the red Friday. Will next week repeat the same pattern?
On the other hand, from the weekly chart below, we see a different possibility…
The big ass green bar this week is a bullish engulfment candllestick bar that give you a better than even probability of a following up week
$DMRC had a positive bias closing on the week.
This week bar bounced off the 79 & 89 MA support line and closed above the 5 & 15 MA lines. It is looking good for a continuing bounce next week.
$CERS, while gave back some gain today, ended the week in a positive note.
Notice this week bar bounced nicely off the 15 & 79 MA support lines. If you look closely, you could see that it is also bouncing off the Fib 50% retracement support as well.
$TINY definitely had a good week with a solid green bar.
Price is now against the 79 & 89 resistance lines. I like to see price takes out these resistance next week to solidify the bullish uptrend momentum. Since 79 & 89 are powerful support or resistance line, a breach to the upside means the bull is strong and committed.
$LRAD did not have a good week due to delay of the Middle East mass notification sales.
After a big sell-off early today, price recovered somewhat by bouncing off the lower Andrew Pitchfork line to close above the mini-uptrend line. While the timing is not to our liking, the fundamental is still good; thus, I’m holding on to my shares for surprise news.
Due to correction from $LRAD and $CERS, my port gave back 2.2% for the day. YTD is now a loss of 0.7%.
LRAD, CERS, DMRC, TINY (100% invested/speculated).
From my other account:
Still holding $ARTH, $TRTC, and $VTCQ.
My 2 cents.
Categories: Daily trading Journal