It was quite a turbulent week but the bull won the battle by taking back the hill most of the week. The bear lost its momentum after Monday but was able to score some point on Friday. Nevertheless, the weekly chart below reflects that the bull is still in charge.
Despite the win for the week, the bull has been stuck in the trading range barely above last year close for almost half-a-year now. Is the bull getting tired or is it just taking a much needed rest after six years of hard rally? How well the bull end the year in 2015 may be the clue to the future direction but I’m getting ahead of myself here. In the meantime, keep an eye for any potential backlash from Greece’s final answer which will be revealed by the end of this month.
$AMRN ended the week with an inside bar albeit a red one.
Price is still above the 5 & 15 MA support which is still bullish. The 89 XMA is the only hurdle left to overcome. Let’s see if this can be done next week. Fundamentally speaking, there is nothing to do but wait for news event such as issuance of NCE status by FDA as directed by the Federal judge unless FDA decides to appeal; update on the 1st Amendment lawsuits, licensing deal with other countries other than China, etc.
$BIOC also dropped slightly for the week.
There is still the weekly 15 MA support and the current trend is still up.
$CERS also has an weekly inside bar. This is definitely better than down red bar confirming a doji top.
Notice that this week bar is still on top of the weekly 5 MA which is bullish. The next thing for $CERS to do is to take out the resistance above at $5.68.
$LRAD has another down week; however price did bounce back from the low of $2.06.
If the support hold, I’m looking for a bounce next week. Regardless, I’m going to be patient holding this one.
Due to minor corrections from $AMRN and $BIOC, my port gave back another 0.5% for the day. YTD gain is now at 7.4%.
LRAD, AMRN, BIOC, CERS and 4% cash.
My 2 cents.
Categories: Daily trading Journal