A spinning top at this point could be either a “pause” or a potential “top”; but giving the interest hike fear has dialed down a bit, the bear doesn’t really have a leg to make a big move at this point.
With the 5 MA crossing over the 15 MA, it’s a good bet it’s a pausing spinning top bar.
$DMRC and $ONCY bounced nicely today.
All $DMRC needs to do is to take out the near-term resistance of $32.5x. Giving that the momentum indicators below are just turning up, there are more room for price to rally before getting into overbought condition.
$ONCY has a very nice bullish engulfment bar at the bottom thanks to announcement of Completion of Enrollment in Randomized Phase II Prostate Cancer Study. I believe this is a very important study and will validate $ONCY’s REOLYSIN if successful.
A strong bullish engulfment bar provides strong possibility of a bottoming formation. All price needs to do now is to take out today high and bounces further up. Momentum indicators at the bottom also show sign of turning up.
$BIOC also advanced after a morning false start; meanwhile, its rival siblings $TROV and $SQNM are still stuck in the mud.
Price needs to take out the 79 & 89 MA resistance above asap.
$AMRN and $ARTH were practically neutral for the day while $AKAO took in a bit of water. Since it did not change the nature of the chart patterns, I won’t be pulling up charts.
Main port: DMRC, AMRN, AKAO, ONCY, BIOC Trading port: ARTH
My 2 cents.
From my camera (click on photo for enlarged version):
Don’t get caught in the spider web created by the shorts!
Categories: Daily trading Journal