Tweet
other potentials get added today, including CRED, ISV, FNX which are acting impulsive and close to correctives starting.
-
Broken Support
Spike,Originally posted by Runner
Take another look at AMGN: broke through the price support at $73.13 (from the weekly chart in early Oct). Today, AMGN bounced up to retest that support-now-turned-resistance $73.13 line. It was rejected and pulled back.
My thinking: AMGN is right now set up for a short. My read says $60 is very possible. It broke through a lower DESCENDING Triangle support line.
Do you agree?
Comment
-
Hey NB. I can't fault your bearish thoughts on it. I think there's enough in the chart to offer that AMGN is at risk of lower than higher in weeks ahead - but there are some bullish things in the chart too (i.e. weekly channel long last week with an hourly bullish island reversal).Originally posted by New-born baby
Bottom line is I'm not impressed enough either way to want to trade it.
For Runner's observation I was merely confirming that I saw it at weekly price support from '01 and '03, but like I said before, I wouldn't take it long on that basis.
On your weekly chart, it resembles more a 'c' failure than a triangle - see chart notes as to why. But yes, based on that chart in isolation it appears bearish is the correct bias. But you know me, I like looking at longer-term charts cuz the way I see it you cannot ignore major price support from years ago. That's very relevant info to add to the s/r equation.
Other thoughts; I see gap support at 72.00 (from 7/19/05) that failed last week, but that failure was immediately addressed by bulls with a little island reversal on the 5 day hourly (chart below too); for whatever value an hourly chart is at this point in time hehe (perhaps of higher value when it's used to confirm the weekly channel long??).
Comment
-
AKAM is below its 20-day EMA. Assuming it closes below, you'd want to buy on today's close or tomorrow's open.
Why is that, you ask?
Because four of the last five times (on the daily chart) it traded below the EMA, the next day the stock made a positive move and within a couple of weeks, made a new high. On the fifth time it closed slightly lower the day after and then took off.Comment
-
Thanks for that 20 ema idea! Such simplicity just might work I tell ya!
I'll look at the closing price eod and see if there's a nice tight -2% support stop for it.
And something of interest about the 20 ema thing; isn't it neat that the reaction bounces at those areas coincided with 2s, 4s, 'a's or 'c's!
And the biggest moves occurred after c's and 2's. C's offered the biggest gains, a welcome observation.Comment
-
amgn going off in pre-mComment
-
I like INSM and chart shows it now in C
Of course you're the expert spike so ill let you decide.
Comment
-
INSM: sekto! You're brilliant dude! hehe
Look at that monthly chart over 10 years. That's Pick of the Year material!
Big volume, cup with handle goin' on. I think a weekly close over 3.16 will be the prelude to some big gains for it this year.
I'm seeing huge support at 2.00. Money flow not the best on the daily, but weekly is better, and vol by price support is good on both the daily and the weekly too.
Thanks dude. It's on the stalk sheet.Comment
Comment