And step-by-step, the market walks down the hill… Today price penetrated the daily 89 MA before bouncing back. While the 79 & 89 MA lines are still holding, it may not be able to hold the support forever. If you count the number of times price penetrated the 89 MA line on the daily chart below, you get seven times including today in a three-months period. Sooner or later, the support will break after being relied on too often to hold the weight.
The bull put up a hard fight to rally back from the negative territory but succumbed to the bear pressure to close a red bar anyway. A looming sense of helplessness in the fight with an overriding question floating about, “where’s the backup?” I don’t think we are going to see backup coming to the rescue anytime soon. The reserves had all been used up. “Uh Ohh…”
$BIOC opened higher and then started to trade back down. I then added more later when price began to bounce back from intraday low.
Price is now near the top of the symmetrical triangle. All it needs now is a big rally day to breakout to the upside.
$CERS continued onward like it is walking to a platform ready to do a blast-off move.
I can see price heading toward the previous high of $5.7x which will then complete the formation of a cup. It probably gyrates around $5.6x for a few days to form a handle; then blast-off.
Meanwhile $AMRN is still in the process of “preparation” because not every players have completed their buying yet. Yeah, I learned that from the $CERS trading patterns. The big players were swallowing up all the $CERS shares at low $4.xx. And every times price started to bounce, they would crash it back down to low $4 ’cause they were not done buying yet. Lo and behold after they were done buyng, you could see the movement in the $CERS chart above.
While a red bar, price is still above the 5 MA line which is bullish.
$LRAD released news that they sold $634K worth of LRAD 100X system to a police force in Asia. Well, that is certainly good news because it may start a trend of purchasing from the police department worldwide.
Price did not move much but I’m quite content that it is riding the trend line.
Thanks to rallies from $CERS and $BIOC, my port gained back another 0.7% for the day. YTD gain is now at 15.4%.
LRAD, AMRN, CERS, BIOC and 8% cash.
My 2 cents.
Categories: Daily trading Journal