The market pretty much completed the “U” turn maneuver heading back to the upside.
Did you see how it is now back to the 89 MA line? It is also settled near the Jan 30th high. Resistance? If it breaks thru the resistance next week, we are heading back up.
I added to $CERS when price opened higher and continued on higher. I’m expecting price to climb from here to chase the FDA decision. If approve, it will be a “WOW”.
See how the price has bounced off the $5.7x support for the third time! with all momentum pointing up, it looks good for a rally from here. Perhaps this time, it will take out the $8 resistance.
For the same reason of a strong support, I also bought back $ATOS “looking” for the bounce.
See how price actions were hovering around the 79 MA line which happened to be very near the support line (blue). All momentum indicators below tell me there may be a bounce coming. Let’s see if it will bounce next week. $ATOS price action after the secondary announcement reminded me of $GALE price action after its secondary offering. Take a look at $GALE price chart around the time of secondary offering below:
Inside the yellow shaded area, see how price action meandering around the support area of $1.9x before bouncing back higher?
Because price action of $CREE collapsed after opened higher, I decided to close out my position at breakeven when I could.
Price turned negative in the morning when the SP500 was heading higher; thus, I unloaded $CREE due to lack of strong conviction.
The SeekingAlpha bearish article on $PHOT had me revisited the wisdom of holding $PHOT for long-term without taking profit from time to time. Thus I unloaded $PHOT to lock in nice gain. $PHOT may or may not collapsed next week due to the bearish article referenced to the low-priced warrants which surely would have an effect on market momentum. It all depends on what action speculators want to do next. I’ll prefer to sit on the sideline watching.
I was mainly impressed by $PHOT structuring a deal with CEN Biotech, a subsidiary of $FITX, to produce 1.3 million lbs of legal cannabis annually. Then I thought about buying $FITX directly but changed my mind due to its being a pinksheet with no filings. But today, I realized that $PHOT deal with $FITX’s subsidiary ties its future price momentum to the success of CEN Biotech. If that is the case, why would I worry about $FITX being a pinksheet? If $FITX’s subsidiary fails in its business, it will surely impact $PHOT as well, filing or no filings. Thus, I began buying $FITX and build up a position. I thought it was actually the perfect time to swap out of $PHOT and into $FITX now that $PHOT had the approval to increase the authorized shares to consummate the CEN Biotech deal. The good news is that $FITX market cap is still very small relative to $PHOT; so at 0.09 cents, it can go much higher with good news. On the other hand, if CEN Biotech fails to procure the final approval from the Canadian gov’t, it will collapsed further than $PHOT in term of percentage size. Thus, this $FITX is not without huge risk; nevertheless, I only used some of the gain from the $PHOT to speculate on this one.
$FITX closed strong today and I expected it to go much higher from here due to the $PHOT’s deal with CEN Biotech being finalized soon.
$KNDI continued to bounce and closed above $13 resistance.
Let’s see if it can take out the previous high in the following weeks.
$LRAD bounced and closed a bit above the consolidation range which was good.
Now, we just need a few good new order announcement to keep the price above $2 and higher.
Thanks to $KNDI and $LRAD, my portfolio continued to recover 2014 earlier gain.
Current holdings:
KNDI, LRAD, CERS, SEED, KGJI, TINY, ATOS and 7% cash.
My 2 cents.
If you enjoy the content at iBankCoin, please follow us on Twitter
