Boom! Just like that, the bull was standing by the previous high… almost touching it.
From the weekly chart below, you can see that it took four weeks for the bear to bring it down to the 79 & 89 MA lines area; yet it took the bull only two weeks to get back up to near previous high. Who is in charge?
The bull!
$NUGT gapped down from yesterday big dump which seemed to me was overdone. So I decided to play the catch-the-falling-knife once more time by buying the opening range breakout. I was looking for a possible island reversal bottom formation. In mid-day when price began to rally again after dipping back below opening range, I added some more. However, when closing bell was approaching, price began to sell off. Giving this bearish closing momentum, I decided against holding over the weekend and sold out my position for small losses.
I also bought back $AMRN when the weekly script number went back to 9,4xx. Last week it dipped down to 9,2xx from 9,4xx so it wasn’t very encouraging which probably explained the price drop. But with script # going back up, there is a possibility of reaching 10,000 script in a couple of weeks. I could see that I wasn’t the only one buying back in.
Price showed a bullish engulfment candlestick bar today so let’s see if it signifies a bottom here.
$DMRC finally corrected today which was a well-deserved one since price had been climbing non-stop the whole week.
However, I’m not crazy about the bearish engulfment bar today from the daily chart above. But then, a bearish engulfment bar has to be confirmed next week by making lower low. We will see if that is the case. On the other hand, the weekly chart below shows a bit more bullish tone overall.
Take a look at the third week up bar in January. It also had a long tail on the top; however, price continued higher in the four week. Will $DMRC repeat the same pattern next week? We will see.
$ORBC had a good day as well as a good week.
Daily chart below:
Weekly chart below:
Price closed above $6 for the week after struggling all week to climb out of $5ish. The weekly chart showed a successful basing on top of the 79 & 89 MA lines. I think price is ready to rally from here. Of course, it will be relying on catalyst from the upcoming earning report.
$LRAD spent all week being neutral.
So, I wasn’t surprised the week ended in a doji bar as you can see in the weekly chart above. It is also depending on upcoming earning announcement to determine future direction.
I sold $STV today for small losses due to its inability to bounce in a bullish day. I bought it for the bounce and I would not want to hold if it could not bounce. This was purely a trading position so conviction played no part in my wanting to hold.
Due to correction from $DMRC, my port gave back 0.2% today. YTD gain is now at 10.9%.
Current holdings:
LRAD, DMRC, ORBC, AMRN and 7.9% cash.
From my other account:
I bought back some $FITX today looking for a bounce. $MCIG also rallied some today so the bounce is happening.
Both $FITX and $MCIG charts look bouncy from here.
My 2 cents.
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