Hooray! Price rallied and closed above the 79 & 89 MA lines. Now we are talking bullish. There is still some work for the bull to take out the downtrend line above. However, be watchful about a possible formation of a 4th lower high next to the downtrend line.
Price is now in the bull territory. It needs to get back to the bull jetstream channel inside the three purple lines above.
$AMRN started to bounce after the open so I decided to get back in.
Price was not able to hold on to the morning high and fell back some before close. I like to see price to climb back up above the 79 & 89 MA lines soon. However, any positive decision from the judge regarding the 1st Amendment lawsuit will take this one up quickly; thus, I cannot stay out of position for too long.
I’m getting back into $DMRC today by buying a starter position. Too bad I missed the rally from $27 to $45. I sold my position at $27 in anticipation of a market crash and missed out the ride I was looking for. Oh well, let’s try again.
Price is now finding support at the $37 level which happened to be the Fib 38.2% retracement level. I’ll look to accumulate slowly.
While down a bit, $AKAO still looks good for continuing bull momentum.
Price is probably going to consolidate around here until the next buying wave comes in.
$BIOC did not do well today.
Next support is at $2.22.
$LRAD finally bounced some today.
Based on the chart, I think the $1.67 support is going to hold.
$ONCY also broke out of the flag pattern but the rally was quite tepid.
Good news is needed to move this one back up to the upside.
$ARTH corrected once again. Price bounced off the 15 MA as well as the Fib 38.2% retracement.
I expect the congruence of 15 MA and Fib 38.2% Fib to form a strong support here.
Due to drawdown on $BIOC and AKAO, my port gave back 0.4% for the day. YTD losses is now at 3.4%.
Main port: LRAD, AKAO, BIOC, ONCY, AMRN, DMRC and 9% cash. Trading port: ARTH (up 36.4%).
My 2 cents.
Categories: Daily trading Journal