Ho! Ho! Ho! A sold weekly green bar to end another volatile week. Shall we bounce now?
Did you see that back in March, there were a couple of dips into the 204.12 support area? This support continues to hold steady for this week as well. If we believe March was a good guideline, then there is a good odd that we see a bounce back to the upside from here.
$AMRN was subjected to traders’ uncertainty due to no decision coming out of the courtroom today. Price rallied to $2.53 for the day but fell back down to almost neutral when traders realized no decision was forthcoming. Make no mistake, waiting for a binary event like a judge decision is no difference than a game of chance. The only thing we’ve is the probability factors similar to a Blackjack card counter. Even with odd stacks against the dealer when the shoe is still loaded with high cards, the dealer can still beat you. Thus, even when the appearance of the oral argument seemed to lean on Amarin side, we will never know which way the judge will rule. Game of chance is the name of the game.
Despite a weekly red bar, anything can go based on the judge final decision. However, the overall current trend from May is still up.
$BIOC closed the week with a weekly doji bar.
The good news is that this weekly doji bar is still inside the symmetrical triangle. I take a doji anytime over a red bar. Not to mention that a doji bar near support (uptrend line in this case) has a slightly higher probability of forming a bottom.
Giving that price fell back down after a gap up on Monday, $ONCY got a weekly red bar.
The good news is that it is still a weekly bar with a higher high and a higher low. Let’s see if this one can make another higher high and a higher low bar next week.
$AKAO, while giving back some today, still ended the week with a weekly green bar.
Now, we just need to see further upward momentum to take out the weekly 15 MA line.
$LRAD is still finding support at the Fib 61.8% retracement level.
The next long-term support is at $1.84; however, I don’t expect to see price to go there. However, more sales news is needed to kick this one back to the upside.
Thanks to small bounces from $LRAD, $ONCY, and $AMRN, my port was able to gain back 1% for the day. YTD gain is now at 2.5%.
LRAD, BIOC, AMRN, ONCY, $AKAO and 5.3% cash.
My 2 cents.
Categories: Daily trading Journal