Quiet before the storm is the message the chart below is trying to tell me. Today doji bar, despite being positive, marked another indecision b/w the bull and the bear. Price can go either way.
However, the layout of the chart seems to lean a “little” bit on the bearish side simply because of the shooting star topping formation.
The biotech sector had a big correction today and my $AMRN, $ONCY, and $ARTH positions took in some water. Meanwhile, $AKAO stood neutral while $BIOC defied both biotech headwind and the weekly doji+resistance combo pattern.
$BIOC rallied hard to close above the 79 & 89 MA line. Nevertheless, price needs to stay above the 79 & 89 MAs and turn them into support. But giving relatively higher volume and a strong up bar in the face of a general biotech downdraft, today action is very bullish.
The other positive movement in my port is $DMRC. Another green bar to close above the 79 and 15 MA lines.
I’ve got a feeling that institutions are accumulating this stock quietly. All the effort from the shorts only went to benefit those investors trying to buy in the 3x.xx range. The more the shorts tried to walk the price down, the more happier were the bargain hunters. The shorts are losing the battle. Now they are even more trapped with the additional shorts they piled on recently to walk the price down.
Due to drawdown from $AMRN and $ONCY, port gave back a little despite rallies from $DMRC and $BIOC.
Main port: DMRC, AMRN, AKAO, ONCY, BIOC Trading port: ARTH
My 2 cents
Categories: Daily trading Journal