Today was a battle between two exhausted players but the bear won the day by closing bell.
The red bar is a bearish engulfment bar and a down day tomorrow will confirm the potential topping formation. Giving the resistance of $203.9 being directly on top of the red bar, it doesn’t look good for the bull. A down day will also penetrate the 79 & 89 MA support as well. Therefore, the bull needs to rally tomorrow to reverse the bearish momentum.
It’s been a long day for me so I’m making today post a short one.
$DMRC had another correction and this time it took out the 79 MA support. There was news today:
Digimarc Chief Marketing Officer Larry Logan will detail the advantages of leveraging packaging technology to digitally engage customers at the moment of decision during the Best of Food and Beverage Packaging conference.
A recent study revealed 85 percent of shoppers are using their smartphones in store. Another study confirmed three quarters want additional information about a product after reading its package.”
The above pretty much support the advantage of using technology to provide customers with “fast and easy” shopping experience which is Walmart’s main motto. Therefore, by reason of deduction, Digimarc invisible barcode and Walmart make a good pair in advancing retail technology to empower customer in their shopping experience.
The next support will be the 89 MA at $35 area. The volatility is expected and there is nothing to do but to wait for the announcement of adoption.
$AKAO, $IBIO, $BIOC,$AMRN, $ARTH were all down a bit so it was not a good day for biotech as well and I won’t be pulling up charts on these for the day.
Main port: DMRC, AKAO, IBIO, BIOC, AMRN Trading port: ARTH
My 2 cents
From my camera (click on photo to see image at 100%)
Categories: Daily trading Journal