Oop! Another itch for a correction. The market scratched a little hard this time. Let’s see if the itch is gone by tomorrow.
While a down day, it is considered to be a typical garden variety correction. The support is still below and have not been touched upon yet. There is still chance for the bull to bounce back.
$AMRN came thru and it was able to sustain the gain without giving it back by end of day.
That was a very nice looking up bar. Although it still needs to exceed the high of the previous red bar. It sure is quite heartwarming to witness a very bullish chart pattern on $AMRN after years of getting kicked on the groin by the FDA fiasco.
$CERS continued to hold steady next to the uptrend line.
The more it can hold next to the trendline, the better the chance of a coming bounce. Now, we just have to wait..
$TINY dropped to the support line and bounced right back as if it hit the trampoline.
If you look closely, you can see that price is forming a handle in the last few days of a cup & handle pattern. A breakout to the upside from here will confirm a powerful cup & handle breakout pattern. They didn’t name the Cup & handle breakout pattern for nothing. It was so named ’cause the probability of a continued uptrend is strong when price break out of the cup & handle to the upside.
$LRAD was disappointing today. OH well, there is nothing to do but wait for news.
There is still support at the lower Andrew Pitchfork uptrend line.
Despite a downdraft from $LRAD, $AMRN was able to carry the port to gain back 1.5% for the day. YTD losses is narrowed to 2.6%.
LRAD, AMRN, TINY, CERS (100% invested/speculated).
My 2 cents.
Categories: Daily trading Journal