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Chart and Technical Notes - 7/20/2010
As volume picks up there could be a huge pop so hold on to your shares and enjoy the ride.
1. RSI and Williams charts show EVXA is very oversold. This is a bullish indicator which means a price correction is expected and PPS should increase.
2. Full STO chart lines have crossed and now indicates a BUY signal.
3. Trix has also crossed lines and is up ticking. This would also indicate a BUY.
4. Yesterday's candle was a spinning top on key support indicating a possible trend reversal. Today's white candle is confirmation for reversal and we should see a new up trend.
5. Cup and Handle formation seems to have completed its pattern. This is a very bullish signal and could indicate that our breakout is finally here.
6. Double bottom pattern is still in play. Once we cross the 0.025 resistance point, I expect the Gap to be filled as the price continues to retrace.
EVXA - Daily Candlesticks
GLTA
I think there is a very strong possibility that EVXA will get a contract imo, they have the technology to help thats for sure.
I was looking at your profile and realized you have been with ihub since the stone age lol, nice grandfather icon next to your name. :)
Way to go, it would be nice for them to have at the very least a generic response to send to shareholder inquiries.
You forgot to ask...
- Can we swim in your pool?
Sure thing, I am glad to help.
Some Technical Notes
As volume picks up there could be a huge pop so hold on to your shares and enjoy the ride.
1. RSI and Williams charts show EVXA is very oversold. This is a bullish indicator which means a price correction is expected and PPS should increase.
2. Full STO chart lines have crossed and now indicates a BUY signal.
3. Trix has also crossed lines and is up ticking. This would also indicate a BUY.
4. Yesterday's candle was a spinning top on key support indicating a possible trend reversal. Today's white candle is confirmation for reversal and we should see a new up trend.
5. Cup and Handle formation seems to have completed its pattern. This is a very bullish signal and could indicate that our breakout is finally here.
6. Double bottom pattern is still in play. Once we cross the 0.025 resistance point, I expect the Gap to be filled as the price continues to retrace.
GLTA
If you look on the chart you will see it listed in the upper left hand corner, currently it is 0.0037.
15 day exponential moving average this should help
http://www.investopedia.com/terms/e/ema.asp
This should help http://www.investopedia.com/articles/trading/06/Retracements.asp
GLTY
Thanks moneyflowsmyway you have my mutual respect. To tell ya the truth, I did not see the MM manipulation coming on low volume last week, and had an extra helping of humility pie!!! You called it spot on, congrats for that, person mark for you.
I agree with you the Cup and Handle pattern appears to be complete now, not to mention our double bottom play is still in effect. There are strong indicators that say that EVXA is going to pop once we break above the 15 EMA. It should be strong summer from here on out imo, lets hope so!
GLTA
Bottom play is still in effect and GAP will eventually be filled, patience is the key here, do not expect miricles overnight. This is a long play, it is only July, I still expect to see the gap filled eventually and by October. Volume is picking up as previous support is tested @ 0.0023, tomorrow will confirm the trend reversal. If we close above support @ 0.0023 I expect we should see pps continue to climb on increased volume. If we close below 0.0023 tomorrow it is my guess that we will continue trending back to test 0.0011 to 0.0007 levels again.
GLTA
EVXA - Daily Candlesticks
Been a rough couple of trading sessions I updated the chart with some notes in case anyone is interested. We are finding support today where we have had previous support so this is a good sign. Today is a pivot point, depending if we close above this support line today and tomorrow should indicate which way we are heading.
If we close above or near 0.0023 I think we should see a retrace back to the .005 level, if we close below 0.0023 then we will most likely see the pps continue to fall back to .0011 or lower.
GLTA
I never "pumped" don't lump into that category of individuals, I find that insulting actually. I trade on technical and proven methods not "hype". I also and never "dumped" I still own all of the shares I originally purchased.
I still stand behind all of my statements that I have made from the beginning. The MM manipulation today I should of seen coming but did not. They can easily manipulate the prices on low volume, which they did today IMO. All they have to do is increase supply and dry up demand, today was a perfect example of that.
Please read my post made on June 10, 2010 about the legitimacy of the company:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=51123864
It does appear to me that Catchme4 has a valid point, MM's have a history of bringing the price down like this before news so they can cash in on the run.
GLTY
They succeeded unfortunately.
Yep, plain and simple the ax MM killed us today.
http://www.thehotpennystocks.com/Learn-To-Trade/market-makers.aspx
Sorry guys, no way we could of seen that coming unless you were an insider and knew what the MM's were going to do. MM's are fully in control of this stock now. There is no way to read technicals when MM's control the PPS it is impossible, because the human element is taken out of the equation and candles, moving averages mean nothing.
As I stated yesterday, charts only work when MM's are not in controls, clearly MM's have been in control of this stock and have been pushing prices lower. This has obviously caused panic which resulted in today's massive sell off. It is clear you cannot chart MM's movements you can only chart when the stock is in control of the masses so you are able to forecast human emotion (greed and fear), today obviously we see a lot of "fear" which is caused the sell off.
holy crap guys, just logged on and see this... horrible horrible day
Sorry guys, I really thought we would see a modest bounce today. With such light volume, it seems nearly impossible to do any kind of technical analysis because the MM's are fully in control of this stock, every time we hit green today @ 0.0038 a minute later MM would smack it back down @ 0.0035. Unless volume picks up and the "masses" are back in control it is difficult to give an accurate forecast.
I guess even the weather man gets it wrong some days, hopefully tomorrow will be better for us.
GLTA
Level II shows 0.0038 next on deck after 0.0035
MM's are in control of this stock with such light volume, we are at their mercy for the moment unfortunately.
I doubt it Level II not showing it, maybe 0.0034 for the most we stay @ 0.0035 and higher.
the sky is not falling just yet... hang in there, volume is low the stock is controlled by MM's right now so it is difficult to read technicals into it because they will make it go where they want.
Okay you said it twice you are marking my post #9755 so let's review shall we?
So far it has been right on track with what I expected. We are holding support @ 0.0035 and broke our first resistance level @ 0.0037 and trying to break the second resistance level @ 0.0039. If we break 0.0039 as I mentioned earlier we should close in the 0.004's as previous resistance will be come new support.
GLTY
Definitely today!!! Expect a modest bounce from yesterday's close, EOD in mid 4's and higher on increased volume.
Appreciate your opinion, I agree there have been a lot of miss reads lately, however today's close is very bullish, and my opinion is we will see a modest bounce tomorrow closing in the 0.004's possibly higher if volume begins to increase.
GLTY
I think tomorrow we close between 0.0043 and 0.0047. If volume starts to pick up we could see 0.005's or higher, but but definitely in the 0.004 range.
All in my opinion of course.
GLTY
Our first and second level support is now both at 0.0035 I can almost guarantee that we do not go lower than this tomorrow, if so I would be very surprised.
Our first resistance level is at 0.0037 our second resistance level is at 0.0039 crossing these and closing above this level tomorrow will be very bullish for us since these are both pivot points that will become new support levels.
My guess is we will close about 0.0043 tomorrow finding support on the 50 MA.
All my opinion, please do your own dd on this.
GLTY
Volume drying up on the decline is a signal or confirmation that the Cup and Handle breakout is in play, not too concerned about this it is expected. A lot of patience is required while this plays out, I understand your frustration, a breakout will happen imo.
Tomorrow we bounce.
GLTY
Chart updated expect a bounce tomorrow. Support has tested again and again @ 0.0035 and keeps holding, today was no exception. This to me confirms that we are still consolidating on low volume, and can expect a breakout soon. I am going to stick my neck out and say we can even expect a bounce back to green tomorrow.
EVXA - Daily Candlesticks
GLTA
what do you expect to see EOD today? EOW this week?
Its a precursor to the Cup and Handle Pattern, volume will dry up before the breakout. Seem my previous post.
Could it be that this is a confirmation for our Cup and Handle Pattern? "selling pressure will make the stock price trade sideways with a tendency towards a downtrend for four days to four weeks... then it takes off" You betcha!!! :P
What Does Cup and Handle Mean?
A pattern on bar charts resembling a cup with a handle. The cup is in the shape of a "U" and the handle has a slight downward drift. The right-hand side of the pattern has low trading volume. It can be as short as seven weeks and as long as 65 weeks.
As the stock comes up to test the old highs, the stock will incur selling pressure by the people who bought at or near the old high. This selling pressure will make the stock price trade sideways with a tendency towards a downtrend for four days to four weeks... then it takes off. Below is an example of a cup and handle chart pattern:
Investopedia explains Cup and Handle
A couple points on trying to detect cup and handles: Length - Generally, cups with longer and more "U" shaped bottoms, the stronger the signal. Avoid cups with a sharp "V" bottoms. Depth - Ideally, the cup should not be too deep. Also, avoid handles which are too deep since the handles should form in the top half of the cup pattern. Volume - Volume should dry up on the decline and remain lower than average in the base of the bowl. It should then increase when the stock finally starts to make its move back up to test the old high. Retest (of old high) - doesn't have touch or come within a few ticks of old high. However, the further the top of the handle is away from the highs, the more significant the breakout needs to be.
Reference
http://www.investopedia.com/terms/c/cupandhandle.asp
EVXA - Daily Candlesticks
GLTY
Currently the bid is 0.0036 and the ask is 0.0043, you can try to set your limit slightly higher than the bid, around 0.0038 which was today's close. GLTY
No need to apologize, at first glance I could see where it could look like that. :P
GLTY
I don't think we are going much lower than .0031 which is secondary support, primary support is 0.0034 which is closer to where I think our LOD will be. If we break 0.0042 up to 0.0047 we are back on track and trend reversal is in play and we should be going back up for end of week.
GLTA
EVXA does not qualify as a Descending Triangle Pattern, here's why:
1. In order to qualify as a continuation pattern, an established down trend would have to exist, and the down trend would have to be visibly robust similar to what was seen from the beginning of May to the beginning of June.
2. There would have to be at least 2 retraction lows to form a horizontal line. The retrace would have to be from a higher high to a lower high keeping the same support levels with each dip. This does not appear to be the happening, all of our highs have approximately the same resistance levels except for the 28th and 29th which was slightly higher.
3. The Upper Descending Trend Line would need at least two reaction highs to form the upper descending trend line. These reaction highs would have to be successively lower and there should be some distance between the highs. Since the most recent reaction high on the 8th is equal to or greater than the previous reaction high on the 2nd, the the descending triangle is not valid.
4. The length of the pattern should range from a few weeks to many months, with the average pattern lasting from 1-3 months. We have only seen a few days, this does not qualify.
Since the first 4 conditions are not met, the remaining items 5 and 6 are not valid qualifiers as well.
Review the check list on the referenced page, thanks!
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_
GLTY