The bat hit the ball solid and price took off flying to the horizon…
From the look of the daily chart, price bounced off the 5 MA support line and headed higher. See how price closed above the uptrend line? It looks like price is going to continue higher to stay on the uptrend line.
$AMRN corrected a bit more but that was to be expected. Coming Friday is the new catalyst.
Price may bounce off the 79 MA support in the next few days or it can stay in the area of $2.35 – $2.50.
$DMRC bounced as expected.
It is now a nice inside green bar and price closed above the 89 XMA support line. There is a strong probability of a continued bounce from here.
$AKAO had a wide range day but closed gallantly on the up & up.
By the look of the chart, you can tell it is a very volatile stock. It reminds me of my significant other- lot of up & down but always ended up in the positive direction. 🙂 That is why you need to pick the biotech you like and then stay with it. Stay with it the way you stay with your volatile mate Don’t waste your time swing trading it, you will most likely miss the parabolic rise when it happened out of the blue.
What did I tell you? $ONCY bounced off as expected due to a doji next to support combo setup. It happens so often that it is almost magical.
With the 15 MA now pointing up, I can see price looking to head higher from here.
$BIOC gained another inch but price is now in the resting phase.
The overhanging 79 & 89 MA resistance is also a factor affecting the future price direction. A breakout news is needed to kick price over the 79 & 89 resistance lines. Without news, there is going to be rough weather ahead.
$ARTH finally slipped on a banana peel and it wasn’t pretty.
Price did stop directly at the 15 MA support line. While waiting for the human trial to kick off, traders and short-sellers will be moving price all over the places. For those who are looking to add or initiate a position, you’ve been given an opportunity here. Today price action is a blessing in disguise. All these price movement doesn’t mean anything to me if my objective is to wait for the result of the human trial. Moreover, I’m holding my shares as long as I can so I can sell them with the long-term capital gain tax rate to pay less tax (shares hold more than 12 months). So, price can go crazy for all I care between now and human trial.
Thanks to four up and one down for my positions, my port gained back 1.2% for the day.
Main port: AMRN, DMRC, AKAO, ONCY, BIOC Trading port: ARTH
My 2 cents.
Categories: Daily trading Journal