The bull is BACK! Today action further supported the power of the daily 79 & 89 MA support as well as the weekly one. Remember, on the weekly, there is a 79 MA supporting the last week downdraft; meanwhile, the daily chart has both the 79 & 89 MA in the same area. With the weekly 79 MA and the daily 79 & 89 MAs occupying the same space, it provides a strong possibility of a bounce and today strong rally is not a surprise.
Today produced a solid bullish engulfment bar. If price can take out tomorrow high, it will increase the odd of further upward momentum.
$DMRC continued to bounce further up and price is approaching the resistance area at $27.55 which was formed back in June 5th.
With the 5 MA crossing over the 15 MA and the momentum indicators all moving up from the bottom, the possibility of breaking out of the $27.55 resistance is high.
Meanwhile, $IBIO, $BIOC, $AKAO, $ARTH didn’t do much movement for the day so I’m going to skip the charts.
Here is another wisdom from Warren Buffett:
5) It’s Easier to Look Back Than to Look Into the Future
“In the business world, the rearview mirror is always clearer than the windshield.”
Basically, my interpretation of the above wisdom is that the element of risk lies in seeing the future correctly. The more accurate you see the future, the less risk there is; BUT since no one can see the future, the risk factor will increase or decrease according to the changing environment as time passes. This is something we need to review on a regular basis to make sure our selection of stocks in the portfolio continues to track the future according to our vision.
Main port: DMRC, IBIO, BIOC, AKAO Trading port: ARTH
My 2 cents.
From my camera (click on photo to see image at 100%)
Categories: trading journal