Friday, May 22, 2015 9:16:46 AM
Buy:sell, daily short & pps 5/21 2015 EOD
Yesterday, regarding moving back above the descending former support, I noted { the open, low and high all were above, AFAICT, the descending support that had been broken. We want to see a confirmation on that now }. Got it! The uncertainty in the market and consolidation action CaptWhizBang noted is supported by a "spinning top" candlestick (almost - open $0.52 and close $0.5201).
We should keep in mind this line is descending and is part of a downward trading channel that has resistance today at ~$0.54 AFAICT.
Our intra-day high topped right at the flat price-point resistance of $0.53. Our descending support was roughly $0.511 today. We could "ride" this support down. We could try and make a leg up, over a few days, and quickly encounter the descending resistance, $0.54 today. So the "good news" of re-entering the trading channel, on the third consecutive day of falling volume, results in nothing better than "Whew! It looks like we may have stopped falling ... or not" for now.
We continue in oversold again on some of the oscillators I watch. This includes RSI and Williams %R. Full stochastic just exited there, barely, but its "average line (%D) is still in oversold so we shouldn't yet consider it completely out.
I think the best near-term expectations from all this is that we remain in consolidation for at least a (good?) while longer.
I'm thinking all this is supported by my percentages and such in the table, although there are a couple "scary" items there.
Note the daily short percentage, which had a small drop, is in a short-term up-trend and for the third day is above my desired range (which I mentioned should be re-examined). The buy percentage weakened again and is generally much lower than where we could expect pps appreciation.
The price spread is large again, which is a data point which I'm wondering if it has any "forecasting" ability. NOTE: That $0.49 was part of a couple pre-market trades Love Me Do noted to which I replied.
A more reasonable low would be $0.515, which would give a spread of 2.91%, a very "normal" number. This exposes a possible weakness in trying to use this metric - it is easily (and often in my experience) manipulated and the constant monitoring and "adjustment" needed to produce any useful results may not be warranted.
Hoping all have a good and safe weekend,
Bill
Yesterday, regarding moving back above the descending former support, I noted { the open, low and high all were above, AFAICT, the descending support that had been broken. We want to see a confirmation on that now }. Got it! The uncertainty in the market and consolidation action CaptWhizBang noted is supported by a "spinning top" candlestick (almost - open $0.52 and close $0.5201).
We should keep in mind this line is descending and is part of a downward trading channel that has resistance today at ~$0.54 AFAICT.
Our intra-day high topped right at the flat price-point resistance of $0.53. Our descending support was roughly $0.511 today. We could "ride" this support down. We could try and make a leg up, over a few days, and quickly encounter the descending resistance, $0.54 today. So the "good news" of re-entering the trading channel, on the third consecutive day of falling volume, results in nothing better than "Whew! It looks like we may have stopped falling ... or not" for now.
We continue in oversold again on some of the oscillators I watch. This includes RSI and Williams %R. Full stochastic just exited there, barely, but its "average line (%D) is still in oversold so we shouldn't yet consider it completely out.
I think the best near-term expectations from all this is that we remain in consolidation for at least a (good?) while longer.
I'm thinking all this is supported by my percentages and such in the table, although there are a couple "scary" items there.
Note the daily short percentage, which had a small drop, is in a short-term up-trend and for the third day is above my desired range (which I mentioned should be re-examined). The buy percentage weakened again and is generally much lower than where we could expect pps appreciation.
The price spread is large again, which is a data point which I'm wondering if it has any "forecasting" ability. NOTE: That $0.49 was part of a couple pre-market trades Love Me Do noted to which I replied.
A more reasonable low would be $0.515, which would give a spread of 2.91%, a very "normal" number. This exposes a possible weakness in trying to use this metric - it is easily (and often in my experience) manipulated and the constant monitoring and "adjustment" needed to produce any useful results may not be warranted.
Hoping all have a good and safe weekend,
Bill
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