Uh Ohh… a dip! Not while you are at the top, a dip here in front of the resistance is like watching a marble loosing momentum climbing up the incline surface. You could sense the rolling back is about to happen.
Price needs to make new high or it is going to fall back down to where the 79 & 89 MA support areas are. There is still a good chance of bouncing next week if it doesn’t happen tomorrow.
$AMRN and $DMRC led the party by making lot of green.
$AMRN break out of a cup pattern without even forming a handle.
Further up days from here mean the trend has changed. With biotech, you never know when the dragon is awake. Once waken, lo and behold, you don’t want to be in the wrong side of the track.
$DMRC bounced hard before earnings report after the close.
The chart look really good from here; however, it is hard to judge people reaction to earnings update. It can go either way. At least, no one sold after hours. Tomorrow, we will see which way the wind blow. Regardless, this is a long-term hold ’cause you have to give the retailers time to adopt the new Digimarc barcode technology. It is akin to watching a giant oil tanker trying to make a quick U-turn. It will happen but not as quick as you would like.
$LRAD, $CERS, and $TINY continued to languish around the consolidation area. Really not much to do but wait.
Thanks to $DMRC and $AMRN strong rallies, my port gained back 1.7%. YTD gain is now at 0.6%.
LRAD, DMRC, CERS, AMRN, TINY (100% invested/speculated)
My 2 cents.
Categories: Daily trading Journal