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hey guys just checking in to see if anything good is brewing here today.
Wish I was still in Mexico camping out by the hotsprings but I guess all good things must come to an end. Back to the real world....
LT Matt good post. I share the same belief that 50 dma is the best place to add. It has held support here since this uptrend started and as long as it holds OMOG should do just fine.
OMOG traded a few days over .03 and then there was a huge down volume day to break below 10 dma without any kind of bounce. That right there is a sign of big money getting out. TC and his crew run this stock and they probably unloaded heavy on the last spike and on the way down. Anyone notice how volume completely dried up after that when OMOG tried to bounce over .02? They didn't want to support the stock because they knew that with no follow through panic would set in and they could take the PPS down where they wanted.
50 dma seemed like a logical place as they had supported OMOG there for months now. Friday OMOG traded almost 150M? close to 100M thursday? Almost all right around 50 dma? I bet these guys took some huge profits and loaded back up for 1/2 the cash.
Slow stochastics are way oversold now. RSI still hovering right below 50 and with any upward movement it'll go 50+ which would be very bullish. Looks like OMOG will have a higher low today than Friday. 5 day moving average is now down to .0165 and it'll go even lower tomorrow. If OMOG breaks .016(5dma) tomorrow it should start bouncing back fast. Probably to around .021-.022 area. 10 dma ir right above that and that will also offer some good resistance. 5 dma should start coming up though, offering new higher support if OMOG pullbacks. Then on the next upswing OMOG can hopefully break 10 dma and go for .03+. Technicals are finally starting to look really good. JMHO
came up right to 50 day moving average today and bounced. Added some .013-.016 today but not as much as I wanted. Bought too much around .02 to avg down effeciently.
wow OWENQ just won't give up.
timmage yes indeed :) Now if we can follow through and break .026 OMOG should have some legs to run on.
OMOG looking good :).
I was just going to post that.
yeah that would be me
cracker812 I use the 61.8% and 38.2% fibonacci #s for retracements.
I was hoping for the shake early in the am. With a lower open OMOG would have most likely got stronger as the day went on. But because it opened up higher people sold of again. It really needs to hold here.
wow thats a crazy looking chart.
CNDD just looks scary at the moment. I might wait here since every price level at the moment looks like a trap.
LT_Matt
Elliot Wave principles work great. IMO its by far the best way identify trends.
GLBA and VERT were the 2 MMs that were responsible for tanking CNDD HARD on that huge drop when it didn't want to bounce anywhere. Just watching here for now.
anything good cooking this am? a little late getting up today.
It looks like OMOG is forming a motive wave which should have 5 waves before its completed. This pullback is the 4th wave. According to Elliot wave rules, wave 4 never enters into territory of wave 1. The high point for wave 1 was .0189 so .019 really needs to hold here if OMOG is to continue this uptrend.
A break below .019 would also bring RSI below 50 which would be very bearish. Accumulation/distribution crossed down for the first time since june. OMOG also fell and closed below 10 day moving average for the first time since this run started.
Tomorrow will be a key day. As long as .019 holds OMOG should bounce back and rather quickly. During the last pullback it consolidated for awhile but the volume was much lower. Would like to see them try to shake below .02 tomorrow am before they let it go.
good luck and good night everyone
Bigtips if you are using RSI to catch a bottom on a stock that is breaking out, you don't want that RSI to fall below 50. A confirmed break below 50 would signal lots of red ahead.
RSI Uses
Overbought/Oversold
Wilder recommended using 70 and 30 and overbought and oversold levels respectively. Generally, if the RSI rises above 30 it is considered bullish for the underlying stock. Conversely, if the RSI falls below 70, it is a bearish signal. Some traders identify the long-term trend and then use extreme readings for entry points. If the long-term trend is bullish, then oversold readings could mark potential entry points.
Divergences
Buy and sell signals can also be generated by looking for positive and negative divergences between the RSI and the underlying stock. For example, consider a falling stock whose RSI rises from a low point of (for example) 15 back up to say, 55. Because of how the RSI is constructed, the underlying stock will often reverse its direction soon after such a divergence. As in that example, divergences that occur after an overbought or oversold reading usually provide more reliable signals.
Centerline Crossover
The centerline for RSI is 50. Readings above and below can give the indicator a bullish or bearish tilt. On the whole, a reading above 50 indicates that average gains are higher than average losses and a reading below 50 indicates that losses are winning the battle. Some traders look for a move above 50 to confirm bullish signals or a move below 50 to confirm bearish signals.
nice job
yeah been buying OMOG all morning today.
OMOG
hmm just noticed VRA moving of the bottom finally
OMOG coming down .028 now
added some more yesterday and today. got 110M now.
cool ISON out some 4.32 and trying to finish out 4.39.
TASR WOW. wish I wasn't glued to ISON.
out 2/3 ISON 4.20
still holding mine. a positive trade gone in the negative... big no no.
nice job
hopefully as soon as people come back from lunch.
Kinda hungry myself. bbib
OMOG finally coming down but still got ways to go.
CNDD going again but there isn't much volume to trade with today. Need to find another jumpy pink sheet stock to play with.
yup got some more 4.14 4.16 4.17. Think it should try for days high again.
sweet added a few more in the 4.1s. ISON is rather predictable when they are showing huge asks trying to scare people out. Today is the first day ISON broke above 5 and 10 dma since the crash from the 6.41. Expecting more of the "old" ISON action next couple days.
in ISON 4.19
lol
OMOG is ready for a dive IMO, looking toppy. 5 dma .03 10 dma .0225.
Looking for a break below .03 and then a dip to .022-.025 area
CNDD coming down here
not liking HDSN coming down to .0002. Wish this would go already but I guess adding a few more at .0001 wouldn't be that bad.
wow OMOG just won't give up. at .035 again
out almost 1/2 EGRF .389