Market had a nice come-back.
But we are not out of the wood yet. See how price still settled inside the consolidation range? Price need to get back above the top range to be considered back on the uptrend.
The big news today was the positive $KNDI earning announcement. They sold more cars than the estimate 2,800 units they gave awhile back. Basically, there are more individual buyers besides the car-sharing garage purchase. Not bad! And too bad for me staying on the sideline. But that was price I paid to be a by-stander instead of a participator. It was like watching an ongoing poker game as an observer instead of playing at the table. Well, as they said, it could have gone the “other way”.
Nevertheless, today news practically convinced me that the drivers in China are ready to contribute to the clean air campaign by buying more EVs. Thus, I went back in this morning paying up to $20 per share for the buy-in. Only this time, I did not load up the boat as before, instead I bought a medium size position just as I would in a new stock- such as $MZOR or $CARA. As far as I’m concerned, $KNDI is to me just another brand new trade with a new entry setup. My past gain in $KNDI does not factored into this particular new $KNDI trade. In other words, I will not be saying to myself thing like, “Oh, I had so much gain on this one I could fight the trend a bit more…”. Instead, I will trade this $KNDI trade with all the proper medium-term outlook with its proper stop loss target. If price continues higher tomorrow, I may add some more.
Price took out the previous high of $20.75 with super-high volume. I can see a long-term uptrend coming for this one provided there are no major market correction during the year.
$CARA finally bounced today.
Price touched the 50% retracement line and took off. I can see a high probability that price will start to head back up and beyond.
$SEED continued to hold steady at the support line.
I can see the 5 MA turning up tomorrow or later in the week.
$MZOR finally succumbed and dropped a bit more than usual.
While price is still inside the consolidation range, it needs to bounce soon to remain on an uptrend mode.
$KGJI broke down some today and price dropped below the $1.85 resistance again.
Oh brother! $1.85 resistance all over again! Oh well, I’m waiting for the coming earning report to kick start the uptrend. It will be nice to have this one bounces the way $KNDI did today.
To supplement my gold play ($KGJI), I bought a silver mining company ($SVBL) today. I’ll continue to accumulate as soon as more cash is released from the three days settlement.
The above is a monthly chart. See how price began to turn upward? Last month green bar was a bullish engulfment pattern. This month price action already took out last month high; therefore, I’m bullish on this one for long-term hold. I also like the fact that this month is the ONLY month that price action took out the 5 MA line.
Thanks to the gain from $KNDI and $CARA, my port bounced up a notch despite some drops from $MZOR and $KGJI.
Current holdings:
LRAD, SEED, MZOR, CARA, KNDI, KGJI, SVBL, CERS & 10% cash.
From my other account:
$FITX had a fantastic break-out on the chart today.
Did you see how today big green bar with relatively higher volume took out the downtrend line? Once $FITX received the license from Health Canada, this is going to be a multi-years hold for me. At least, this will be my other “$LRAD” play. I’ve been trading profitably with $LRAD since 1998. $FITX will become an even bigger game once the production of both medical and industrial cannabis begin.
My 2 cents.
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