is ... YES - Another Profitable Day!
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You can always buy it back if I'm wrong. But, be careful tomorrow, it could look like it's going up and then fall out of bed. Gaps can be tricky to trade. Usually when they get filled quickly, the market will immediately reverse after filling the gap. Quickly can be a week when the market is moving slowly. Gaps almost always get filled so, it would actually be more bullish for this gap to just stay open until the market rallies back up to it after supporting somewhere lower. The good news is, you likely took a profit today and that is NEVER a bad thing to do.
I'm a REALIST! If the market is going up, I ride that wave, if it's going down, I ride that wave but, you'll seldom catch me trying to paddle up stream when the momentum is going down stream.
I have no agenda. I'm looking for a place to buy this stock. I did buy it recently but, then realized it was likely a bad decision so I sold it again. Now I'm waiting. I post my opinion so that other people can consider it. If you don't like my opinion, you can stop reading it. But, I would think that another chartist would like a second opinion on his chart. I always welcome it. Don't often agree with it but, sometimes it's just what I needed to notice something I had missed.
I said the market would go down and it has. I don't have a crystal ball but, if you think you can do a better job of predicting what will happen to the price, go for it. At least I'm willing to speculate and I've been a lot more correct than all those who are arguing with me over what I did or didn't say. Tomorrow, it's going down. To where, I don't know but, $0.0017 is quite likely, in my opinion. What's your opinion?
Some day we'll have to compare notes on the MACD but, relative to your candle stick readings, I'm not an expert in the candles but, I see no great readings there at all. I need to find an hourly chart to look at because I'm almost positive that there is a rising wedge on that chart and if there is, that is a sure sign of a coming correction in the price. Typically sharply lower prices for the near term. But, as I said, I have not seen that chart. I'm just speculating based primarily on the candle sticks. Here is what I see in the last 4 candles starting with today and moving back:
Spinning top - which indicated indecision
DOJI - indicated indecision and possible trend reversal
Hanging-Man (well almost) - typically indicates strong resistance and possible trend reversal
Almost a hanging-man - again a sign of possible reversal and resistance.
The reason I think the Intraday charts have a rising wedge, is that the low prices are moving higher more quickly than the high prices are moving higher. That is characteristic of a rising wedge.
I said you would likely see a reversal on the full moon. I never said definitely would. I also explained why that did not happen.
I think you are probably right. The question is when? For the short term, at least, based upon what has proven to work well for me in the past, I believe the market will most likely move lower here before it moves higher. I could be wrong, but, I don't think so.
The 200 day moving average is the most widely watched. I would not watch it at all if had not proven to be a very good support and resistance area for me to monitor. The 50 day average, on the other hand, I used to watch but, it did not seem to have much value for me so I replaced it with my own custom exponential moving average based upon four months of lunar cycles. I'm still researching the effectiveness of this average.
If this stock did not trade well on technicals, then how is it possible that I could have been so accurate thus far in my previous predictions? Technical analysis does not move the markets of course but, it sure can be used to anticipate future price movement in Pink Sheet or any other stocks.
The SMART money people also took profits in OTOW from Feb 17th thru the 23rd. Some of them are still waiting to buy it back. Many of them have likely already bought it back and many more who have never owned OTOW are now trying to decide when or even IF they should buy it.
Hmmm … Three “hanging-men” in a row. Now where, will Tytan’s Stock go? Well, it’s got to go down cause the Diamond’s the crown, so tumbling right down it shall go!
Thought you might like a little poetry with today’s news!
Ok, so the top of the bearish channel is right about at $0.0032 for tomorrow. So, the price could easily poke out of the channel long enough to fill to gap ($0.0033) and then close lower on the day IF it goes up at all. As strong as the resistance now seems to be at $0.0030, it would not surprise me to see a lower opening tomorrow (it could even gap lower) and then see the price fall all the way back to the bottom line on the channel which would be right at $0.0017. What will actually happen tomorrow is not known for certain of course but, the chart is very bearish now and it is doubtful that aside from filling the gap at $0.0030 to $0.0033 that the price will go above $0.0030 at this time. The other thing to notice here relative to price movement tomorrow is the fact there is now a clear uptrend line that can be drawn on the 60 minute chart for the last three days. Any violation of that uptrend (a price of around $0.0026 tomorrow) would also be very bearish. Especially if the market should open at $0.0026 or gap open at $0.0025.
Ok. So, if it does fall to $0.0017 tomorrow, will that be the market bottom? Not necessarily. The bottom cannot be called just yet. Too many factors need to come into play first for a bottom to be identified or even guessed at. So, all those who are short here now (or who go short tomorrow) can sit back and enjoy the ride. By-the-way, if the market does go down tomorrow as I believe it will, you will likely notice that it goes down on higher volume than on any of the previous three days. That would be another indication that this market is weak. Price down – Volume up is bearish in a market that is trending lower and that bear channel is a clear indication that this market is now trending lower.
Anyway, that’s my opinion of the current state of the TYTN price chart. Can you imagine how many sell order must be sitting in that gap? It boggles the mind, for sure.
The significant news is usually reflected in the charts even before it hits the streets. Why? Because when the news hits the streets, a lot of smart money traders already know about it and they are busy taking an appropriate position in that market which again is reflected in the price movement and chart pattern seen on the charts. When the news first comes out, there is a tendency to think that everyone is now reading it for the fist time because it was just written. But, that's not really true at all. The company is busy generating news on a day to day basis. The smart money has ways of knowing what a company is actually doing and they can conjecture and analyze what the results of those actions are likely to be. They also have a network for fellow traders who feed them information and whom they share information with and all of the buying and selling they do prior to press release that they already anticipate, affects price movement and technical indicators. Have you ever heard the saying "SELL THE NEWS" in relation to trading? What that means is that often the news is delayed long enough that the price has already moved beyond where it would have moved given that news. So, the bullish news comes out, the market goes down and not up. Why? Because the smart money is now taking profits because the price has been over adjusting for the news for weeks prior to the new being published.
No guts, no glory only comes into play when you think you know what’s about to happen but, you’re afraid to take a position. What I think could happen, is a reason for me not to take a position. Jumping into to situation that is not ideal is more stupid than gutsy. Wouldn’t you agree? Technical analysis when you really understand it will always point the way long before the market starts to move. For instance, in this case, I knew back on June 9th that this market would likely go down rather than up. So, if it does now go down, as I suspect it might, that was plenty of warning wouldn’t say?
“Unless the soul goes out to greet what you see, you do not see it. Nothing do you see, not a beetle, not a blade of grass.” (an old quote but I can’t recall who said it) – Anyway, you mean to tell me that you cannot see that bearish divergence between the price spiking higher and the Slow Stochastics moving lower between the end of May and June 9th? You must have been blinded by that MACD. That lethargic old indicator never seems to predict anything. Can’t understand why anyone pays attention to it at all. Or, maybe you re just looking for reasons why it might go up and are ignoring all the others. That can happen when you own shares in a stock, especially if you read all that PR propaganda.
Here’s an idea for you. Take a look at the 60 minute chart (if you have one) and see if there might be a rising wedge formation present in the last three or four days. Maybe that will shed some light on the situation if there is one. I’m an end of day trader so I have not seen that chart but, I suspect there could very well be a wedge there.
I’m not ignoring that fact that many traders of pink sheet stocks make there buy and sell decisions on what they read in the news. On the contrary, that is why I watch technical indicators and price pattern on the charts. The charts won’t help me predict when the news might come out, but, they will very accurately (in most cases) predict where the price is likely to go. I’m sure you will agree that as a trader, it’s more important to know where the price is going to go than when the new will hit the streets.
On another board just recently I predicted based entirely on technical analysis that it was a good time to take profits. Of course very few people listened to me because I could not back up what I knew with a news article. A few days later after the price had pulled back somewhat, a rather bullish news article hit the street. The market rallied sharply that day and then the next day, continued going down again. Three week later now, the market is still going down. What I saw in the charts was the fact that a lot of traders were beginning to think that the price was too high. As such, they were taking profits to protect their long positions. There were also many traders short selling that market which the charts also reflected.
So you see, the markets are not actually driven by the news. They are driven by the collective sentiment of the majority of the traders as to whether or not the price is going up or down and the action they take in accordance with those beliefs. That may or may not be in line with the current news. But, it’s always reflected in the day to day movement of the market and is written in the technical indicators and price patterns you will see on the charts. I’m pretty much a realist. I want to be on the side of the market that the price is most likely to move in. Only technical analysis can help me figure that out with a high degree of certainty.
That one is like a submarine that is lurking on the bottom and at any time, it is likely to rise to the surface and torpedo the unsuspecting bears!
Even thought the market does appear to be gaining upward momentum here, there is still that divergent sell signal on the chart seen from the end of May through June 9th and since that time the market has moved in a sideways direction. If the market is unable to close above $0.012, and this sideways movement continues, it will all be in favor of the bears and break in the current short-term uptrend line (i.e. a close of $0.010 or lower now) would probably spark a drop in price to at least $0.006 and possibly lower. I'm happy on the sidelines for now until the market points the way. It's been pointing sideways here for an awfully long time now and you can't really make a profit when it does that. This short-term move up could end up proving to be a bull trap. Just my 2-cents worth. Time will tell the real truth of the matter. It always does.
Well, you got bargain basement prices so how can that be a bad thing? Just remember that the SMART PLAY in any Sub-Penny stock is to BUY REALLY LOW and when the price takes its first BIG bounce up, look to sell at least half of your position in order to get your original investment back with a small profit and then the rest of your shares constitute a FREE TRADE from that point on! You really cannot lose trading Pink Sheet stocks if you do it intelligently! Good Luck to you!
Like I said yesterday! This is a good one to SELL SHORT!
Gap up opening! Very bullish! Looks like we could finally see that rally back to at least the small gap at $2.23. There is still a trend continuation signal on this chart so it's possible that we still could have a false double top as i mentioned before but, it's too early to tell any of that now. For now it looks like at least a short term rally here. Target $2.23.
WTFS (What The F**k S**t)
Probably a Good Day to BUY! - Why? The chart shows a number of bullish indications here FINALLY - there is a small double bottom that occurred within the last four days. IT occurred just above a major support line at $0.01. There is a rare kind of trend continuation signal here that is a bullish divergence between the Slow Stochastics and the Price that even most analysts fail to recognize. If you go back to the right side of the previous larger double bottom (April 18th) and draw a line from the low price on that day to the low price yesterday and then draw a line from the Slow Stochastics on that day to the point on the Slow Stochastics today, you will see the divergence. What the Stochastics is telling us here is the that market is more oversold here yesterday at this higher low than it was back on April 18th at that lower low. That coupled with this higher double bottom is an indication that the up trend occurred since the April double bottom which terminated with the rising wedge seen at recent highs is very likely to continue now. It will likely prove to be a good day to buy back into this market. Good Luck to you!
No man, those are not planets ... can't you see? Those are huge bear claws pouncing down on the bulls horns!
Just a FOOTNOTE on the alleged bullish flag ... if it is (was) a bullish flag, why would the last two days of candlesticks both be "the hanging-man", a candle stick pattern that typically marks the top of a rally and strong resistance and is usually followed by a move down in price? I'm not a candle stick expert, I actually had to go look that one up.
That's what I'm betting on!
That is a bearish channel, not a bullish flag. A bullish flag would start at the top of the flag pole, The bearish channel is coming directly off of the diamond top formation. Right where it should be.
I did answer post 40120 - to answer your question of what my chart looked like on May 16th - If I erase everything from May 17th to today and only consider the chart through May 16yh, I see a sharp three day rally where there is a gap between day two and three and on day 4 (the 16th) I see a market correction beginning. Since a market correction has begun, that gap cannot be a runaway gap, it's not a breakaway gap because that would have happened on the first day of the rally not the third. So, it is likely an exhaustion gap identifying the rally as terminating. Following the 16th, from the 17th through the 26th, there is a wave down to fill that gap and a wave up which is an attempt at a follow through rally but, during the follow through rally attempt the Slow Stochastics is moving down in a bearish divergence with the price rising to new highs. Then on the 26th, we see a key reversal day, that confirms my suspicion of that gap being an exhaustion gap and also confirms the sell signal. I hope that answers your question. Following the key reversal day on the 26th, the right half of the diamond formation (which began to form on the third day of the rally) is completed.
It's not a bullish flag. A bullish flag comes directly off a flag pole and the flag pole seen there is not directly connected to the flag that is drawn on that chart. There is a wave down and a wave up from the flag pole (no flag) and there is a bearish divergent sell signal during that wave down and wave up (May 16th to May 26th) between the slow stochastic (moving down) and the price (moving up). What is labeled as a bullish flag (May 26th through today) on that chart is actually the bearish channel I was referring to that is coming directly off the Diamond formation (not identified on the chart). I can see now that some of you guys are having trouble with the chart. I have no way of marking up a chart for you to look at but, maybe I can find way to capture a chart and draw on it with Visio or something like that. The problem is that's probably going to take more time than I have to play around with it. That is to say, I could be analyzing a dozen or more other charts in the time it would take me to mark one up for you.
Just draw a straight line connecting the high price on May 26th to the high price on June 14th and extend that line out to today and then draw a straight line connecting the low price on May 31st to the low price on June 15th and extend that line out to today and back to May 26th and I think you'll see what I'm referring to as a channel.
Obviously that be weak longs getting stopped out accompanied by a little short covering at a previous support point.
How do you explain the extremely weak volume the last three days while the market was attempting to rally unsuccessfully?
Aye Mate! But, not be mutany when yer ship be a listin to the starboard side and yer sails not be respondin to a full gust a wind. Just be time to bring her into port for repairs mate. Just be the sensible thing to do ... savvy? Besides, we could all use a little RUM bout now be ye agreed to that maybe?
Looks like DUMP N RUN to me ... the best play on this stock? Sell it short! No one seems motivated to buy this DOG. Too many flees, I suppose. But,a short? Wow! $0.75 down to $0.01 maybe times what? A million shares, or more? Risky but, Oh so sweet when she falls! Are there any earnings? Nah! Is there any financial data at all? Don't think so. So, what's holding it up? The PUMP???? Really, the PUMP???? Now that really sounds inflated to me!
That's an interesting way of saying that the stock has been unable to rally successfully in the last 4 trading days. News or no news, it's still heading lower here but, if it should pop up to fill the gap, that will be short lived and it will still go lower until it tests support at the 200 day MA which is still hovering around $0.0016. Check out the nice three week downward channel you can now draw on the chart. Looks sort of like a big slide right into the path of the 200 day moving average doesn't it?
Yup! Hence the reason for the double top in the first place, I suppose. I'll keep an eye on it but, there does appear to be more attractive trades this week.
I wouldn't call it a wedge per say. It's certainly not the kind of falling wedge that results in sharply higher prices. There is a small descending triangle there which, if you follow strict triangle rules, is forecasting a price drop to $0.0005. However, that triangle formation is also conflicted by what could prove to be a small double bottom. It would not surprise me to see a price spike down lasting no more than a day to levels of $0.0005 or even 0.0002 but, when you get to prices that low, you are really approaching the concrete floor for this stock price. Sure would be nice to pick up a million shares or more at $0.0002 but, the reality is that there should be almost no sellers at those low prices so a price drop won't be able to survive there for very long. If you are still a believer in this stock, it's a great time to try to accumulate as many shares as you can at whatever low price you can get them for because 6 months from now, in my opinion, you may be forced to pay 10 or more times today's prices for this stock and the closer we move to the scheduled end of the year salvage operation, I think prices will begin to move exponentially higher. But, only time will tell.
The chart for this lethargic moving beast is till strong and shows amazing sustained support just above the 200 day moving average. Will wonders never cease? I have no idea what fundamentals may be driving this stock but, it is in an ever so low uptrend and if it begins to gain momentum somewhere along the way it could get exciting. So, we are half way to a penny now and who knows? Maybe it will actually get there this year. I'm going to start calling this beast the Snail. If and when the momentum ever picks up, I'll upgrade it to a Turtle.
We now have the makings of a CUP & Handle pattern on the chart. If that pattern holds true to form, you can expect the market to back away from $0.004 over the next few days down to around $0.0025 or so (possibly lower), and then mount another rally that should easily penetrate the resistance at $0.004 and head for $0.006 - You can never really predict these markets with precise accuracy but, in my opinion, if you are thinking of buying here, you may be able to get more shares at a better price in a few days by exercising a little patience. Just my 2-cents.
Agreed - We need to see this rally start with a significant amount of volume. Price up - Volume up = Bullish!
Friday's RALLY SHOULD CONTINUE this morning but resistance is seen in the vicinity of $0.004 where the 200 day moving average currently resides. I would expect this resistance to be only temporary and I believe this is the start of a rally that will take the price back into the $0.012 to $0.016 area on the chart.
WNBD flashing a STRONG divergent BUY Signal (slow stochastics to price) - the market appears to be primed for a strong rally that could get underway this morning.