Believe it or not! The bear took a break today. Imagine that! Taking a bear break in the bull territory. That got to take some balls. While price movement today was small range, it still has a bearish tone to it.
For the bull to take back the ball, it needs to rally tomorrow to stop the bearish momentum.
$AKAO was up today with a doj bar. Currently it is sitting on the 79 & 89 MA support.
Look good for a bounce tomorrow.
$BIOC continued to close higher albeit in small increment. It is now a semi-spinning top bar on top of the 79 & 89 MA support lines.
Take a look at the compressed daily chart that showed data from March to now. After almost five months of downtrend, price has been trending up stubbornly for the last two months. With only two days of closing above the 79 & 89 resistances, price needs to stay above this resistance a few more days to convert them to support. Giving general market bearish sentiment right now, price may bounce around the 79 & 89 MA before turning them into support.
$ARTH is bouncing back to the 79 & 89 support area. Per my analysis of the 79 & 89 MA lines, there are “grace period” for the price to bounce back above the MA support lines before they turn into resistance. And if price penetrated resistance line, there are grace period for price to fall back down below the resistance line before it becomes support.
Right now, $ARTH is on target to maintain the 79 & 89 MAs as support.
$DMRC and $AMRN continued to drop a little but they are still within the support of the 79 & 89 MA lines. $ONCY recovered from further drop today and closed neutral.
Main port: DMRC, AMRN, AKAO, ONCY, BIOC Trading port: ARTH
My 2 cents
Categories: Daily trading Journal