is ... YES - Another Profitable Day!
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I know what I said Steve. Just remember that the markets are dynamic and as they move, a savvy market analyst will adjust his predictions accordingly. You're right the full moon is approaching and based on what I see now, I don't think any bounce from the moon will be significant for TYTN. So far we have no firm support for this market. I would not call $0.003 support, as you suggest because the market has already recently violated that. Watch the 200 day simple moving average. TYTN recently crossed over it to the upside and when a stock does that, it will usually retrace back to it and try to support there. So, the 200 day moving average will be rising and the price will be falling now and eventually somewhere down the road they will come close together and the market will find firm support. It no longer looks like that will happen this week. What will more likely happen now, in my opinion, is that we will see some support this week and a rally back to the down trend line that can now be drawn from the recent high of $0.005 across the highs of the last week. After that, the market has a chance to find firm support somewhere. The full moon and the new moon are just places to look for a change in the direction of the market. The market is going down now so, sometime this week, it will likely turn up for a while. The key for me to buy into this market will come from a buy signal and I see no buy signals anywhere in sight right now. The only signal is still the divergent sell signal that the key reversal day on 5/26 confirmed. Just be patient. I think it is extremely possible that we have a major bull market in the making here but, you need to give it time to establish a trend line. If you look at the weekly chart, we're still in a down trend. The daily chart is an up trend that is correcting and we need to see a higher support level from this correction than we had where the rally originally started from. All indications are that it will happen and when it does, that will be a buy signal. Until then, chill out and enjoy the ride.
Looking at the BIG Picture ... If you go back three years on the weekly chart, then technically speaking this stock is still in a down trend. There is great evidence by the increase in volume and the recent rally that the trend is likely changing now. But, that change is not going to happen overnight. If you go back a year and a half on the daily chart, it is clear that you just recently broke the down trend line on the daily chart and also crossed over the 200 day moving average. Typical behavior, when a stock breaks a trend line or the 200 day moving average, is that it meets with resistance (which TYTN has) and then it retraces back to the trend line or 200 day moving average to find support and confirm the breakout. That has not happened. So, when you ask me if the technical indicators are changing or becoming more oversold, I would have to say no. For an oversold reading on the Stochastics, it needs to drop below 20 and it's above 50 at the moment. It's true that a stock in a strong uptrend does not need to drop to 20 for the trend to continue but, this trend is just getting underway in the Big Picture view, so you can't even call it trend yet because there are no points to connect to draw a trend line from. Yes, you can go back to the very beginning of the move up and find a few support points to connect and extend that trend out and when you do that, the line is a lot lower than the current price so, there is room for this market to make a correction here. When it does, and it finds firm support for the next wave up, then you can draw the real trend line and project it out and get a much better idea where it might be going. Right now, all I can say is the market is correcting, the correction is not over yet, and Y'all need to be patient and just CHILL OUT!
So, on May 26th, I was kind enough to point out a Key Reversal day that many of you were buying into and since that day the market has drifted lower and not even the news of the China trip could turn it around but, you say I'm wrong. You say, the key reversal never happened. Well, you can deny it all you want to but, in my opinion, on Monday, the market will continue to go lower on news or no news. The reality is that the news does not dictate the price of a stock. The price of a stock is dictated by the collective mentality of the hundreds or thousands of traders who are buying or selling it. When the sellers are willing to sell at lower and lower prices and the buyers are unwilling to pay higher and higher prices, the reality is that price goes lower. Denying that it is happening will not stop it and publishing another PR article will not likely stop it either. But, when the short sellers decide to take profits or are forced to do so, because buyers believe the price of a stock is cheap and are willing to pay those higher and higher prices, that will turn the market around. That is the reality of how the market works. It has nothing to do with manipulation or propaganda. Right now, it appears that you have run out of people who are willing to pay $0.005 or $0.004 or even $0.0035 for this stock. But there are still people who are willing to sell it at $0.0030 and so it appears that the price will continue going down for a while. Those are the facts today. Yes, they could change on Monday but, it is not likely that it will because for the past two weeks now, the majority of the buyers appear to waiting for more attractive price levels as noted by the volume activity of the previous two day's of rally attempts. So, be patient. Support at $0.0028 may yet fall and $0.0019 or even $0.0016 may yet prove to be the attractive price that the buyers are waiting for.
We've had two days now of very high volume and the market closing lower each day. On Monday it will go lower still. You can disagree all you want but, it does not change the current condition of this market. I hope you were able to learn a little about a rising wedge from all of this and perhaps you'll be able to recognize the next one you see. I wish you will!
We've had two days of rallies on very low volume and the market was barely able to rally back to the downtrend line that you can now draw on the chart. Not top heavy? You must be talking about a different stock.
I consider them but, they have little to do with my buy and sell decisions.
The RSI (Relative Strength Index) is used to compare the price performance of this stock to all the other stocks in it's industry group. As such, it has little bearing on weather or not a stock is likely to rally. Larry Williams invented the Accumulation/Distribution index which it's supposed to be a bell weather for whether a stock is under accumulation or being sold off. Unfortunately no one seem to know how to calculate that indicator correctly so, all it ever seems to do is to reflect the price trend and there are better indicators to do that so, I no longer watch either of those indicators although sometimes it's nice to look at the RSI.
To answer your question, it's not likely to mean anything at all. What is significant is that from April 11th to May 23rd, the Stochastics steadily rises while the price remains relatively flat. That shows stock accumulation. In fact if you look at the Accumulation/Distribution index (ADI) for that period, you will see that while the price is in a trading range, the ADI does show accumulation for that period. That is the only significance of this indicator due to the way it is calculated. During periods of sideways movement in a market, the ADI will most likely point in the direction of the next price move. But when a market is trending one way or the other, it does not really tell you anything at all.
I did look at BIEL and I'm not too impressed with it right now. It seems to be in a slow downtrend and there are no technical signals that would cause me to want to buy or sell it at this time.
From my perspective, this market can only rally next week. How far remains to be seen. Next week will prove or disprove the validity of the double top. With a strong trend continuation buy signal now on the chart, this market could move higher here on an elevated trend line. If the double top proves to be real, an early in the week rally will meet with resistance and current support will not hold on the next leg down. I bought today because I now believe it's possible that the major trend will continue and the double top seen on the chart may in fact prove to be a false double top. Next week should prove it one way or the other.
I have another perspective on this chart - I just noticed that there now appears to be a rather strong divergent trend continuation signal on the SIRI chart. This is a rare sort of signal that most traders do not even know about because very few analyst even recognize it as a signal but, I have learned over the years that it can be a very reliable signal. Now, since there is such a thing as a FALSE double top in a strong trending market, the presence of this trend continuation signal could be very significant here.
This is what a divergent trend continuation signal looks like. You go back to the previous support at $1.90 at the beginning of May and you notice the position of the Slow Stochastic which is a reading above 80 in the overbought zone. Then you notice the current support level at around $2.00 and again notice the position of the Slow Stochastic which has moved from an overbought reading above 80 to an oversold reading below 20. That creates a divergence between the Stochastic (moving lower) and the price (supporting higher). With the price now supporting higher than it's previous support, the Stochastic is telling us that today's higher supporting price is actually a much better value than the lower supporting price on May 1st.
Therefore, I have placed an order to buy here and test this signal which has been very reliable signal for me in the past. If this signal proves to be correct, then the price rise will not be hindered by the small GAP at $2.23 and it should continue on to test the previous resistance at the double top formation. So, lets see what unfolds here. This could be very exciting if it does what now believe it could do.
Nice CUP & Handle pattern on the BNPD price chart is most likely an indication of sharply higher prices. I believe that today could be a great time to buy into this one!
We have the makings of a nice divergent BUY signal here this morning if this market support and closes higher. I'm tempted to just take a small position here and see what it does.
I finally bought into this market this morning. It's obviously been under accumulation since the middle of April and I believe it will make a run for new highs now.
Lower Highs and Lower Lows are characteristic of bear market conditions. It's a reflection of previous profit taking and short selling. How would you describe the last 5 market days?
Candle stick reversal patterns are not very reliable and ALWAYS need to be confirmed by other technical indicators for accuracy. I typically give more credence to the Technical Indicators and price formations and use the candle stick patterns to confirm those. In my experience, that is a far more accurate way to call the markets. Candlesticks really only call the short term swings in the markets anyway. I agree that for the short-term, the market could easily reverse here back to the GAP at $2.23. This is NOT a major reversal. Market volume is far too weak for that.
I bought this morning based upon a divergent trend continuation signal. It's not a widely known signal but, in my experience it is an extremely reliable and accurate one in which the Slow Stochastic is showing a greater oversold reading than the previous support level in divergence to the price which is supporting higher than the previous support level. In short, the technical indicators are saying that at current price support of $.0.002, is actually more oversold than it was at it's recent low price below $0.001. In my experience when this type of signal is given, the market is prone to rise sharply higher. So, I'm aboard for the ride!
Then why did the price go down?
I pay attention to the Fundamentals and the market momentum but, for me the most important aspect of my analysis are the Technical Indicators because you cannot time market entry and exits points with Fundamental propaganda. You have to look at the weekly, daily, and hourly charts and a well designed combination of market indicators in order to know when to buy or sell a market. Fundamentals will never tell you when to buy or what price is too high or too low. When you really understand the technical indicators, you will see the precise interpretation of the fundamental data reflected in the movement of the price.
The reality is that the only reason why the price of stock will rise, is when the majority of the traders believe it is cheap at current price levels and are therefore are willing to pay higher and higher prices for those shares. The price of a stock will only fall when the majority of traders believe that the price has gone up too far too fast and they begin acting as if the price of a stock is becoming increasingly overbought and that this is a very good place to take profits because the market is about to collapse for a much needed price correction.
That's the only reason why the markets will go up or down. That is the reality of it all. The only way to know that market sentiment is to watch price and volume movements and apply the tried and true market analysis techniques that have been developed over many years and which all professional traders watch closely and identify with. That is the reality of trading. So, that is where I invest my time so that I might make the very best possible buy and sell decisions.
A rising wedge is very reliable indicator of a fort coming market correction. Today's huge volume and price decline are synonymous with a confirmed breakout of a rising wedge. You can expect prices to drop sharply tomorrow. There was a great deal of profit taking today and short selling as well.
Judging from today's huge volume, there were a great number of shorts and a great deal of profit taking. That huge volume spike today is synonymous with a confirmed break out of a Rising wedge. I expect prices to be sharply lower tomorrow.
No, I sort of took the day off today and spent most of the day with my daughter. I didn't see what took place until after the close. It's on my list of things to consider buying tomorrow. Several stocks on the list, I'll probably buy the best two after I study them all again.
The market seems to have found support here and the oscillators are flashing oversold readings so, I think it is realistic to expect a bounce in the price. But, I don't think it will do much because a double top generally requires at least a three wave movement down and we only have one so far. There appears to be a small GAP at $2.23 and I believe we will see a second wave up back to that GAP which should prove to be resistance and then a third wave down will most likely find support around $1.90 or possibly $1.80 depending on where the market becomes oversold again. It's hard to call the market swings in between the tops and bottoms so, I don't guarantee any of this conjecture but, it's certainly possible. There are no clear signals to buy or sell here so the sell signal from the double top continues to remain in force.
Yes, I did used to do that. But, not anymore because I got tired of buying in and then waiting for weeks or months to see a profit and many times it never came and I was forced to miss other opportunities because I has money tied up in dud. So, I studied technical analysis for many years and today, I rarely take a position without a clear buy signal unless the downside risk is so small vs a huge potential return that I'm willing to take the risk. I view ORRV that way. No clear signals or chart patterns interesting fundamentals and occasional spikes in price where I could get my initial investment back. DPBE is different. There is more of a downside risk but, it's manageable for me since I see signs that the price is likely to drop for a little while here. If I'm wrong, I can still buy in but, if I'm right, I might be able to buy twice as many shares so, I think it's better for me to wait given the descending triangle.
Wow! Huge volume day today! Unfortunately, judging from the close and coupled with the wedge breakout, it appears from my perspective to be selling pressure. If, you want to follow the money, I think in about a week it will be obviously that taking profits today was a really good idea. A rising wedge is deceptive. It is not what it appears to be at all. http://www.1source4stocks.com/technicalanalysis/chart_patterns_rising_wedge.asp - It's not like I failed to tell you what I thought. Fortunately I do not believe this to be a major market top. It appears to be just significant pull back.
I've been watching this one. There is a month long divergent buy signal on the chart (Stochastic vs price) from April 18 to May 23 and with the rally today, that confirms this market has been under accumulation for that period. I believe we will see a continued rally here now. Hopefully back to at least the recent previous highs.
I do have an interest in this company. I'm trying to find a place to buy the stock. Yesterday, I noticed the descending triangle and since that is a red flag, I'm going to wait and watch it and try to buy in a few weeks from now. I just thought, since so many of you appear to fundamentalists only, that you might like to know what the chart looks like currently from a technical analysis point of view. So, I'm giving you my opinion that this market will likely go lower because this is the probability when a descending triangle forms on a chart. If I did have a position in this stock and I had a profit to protect, I would be selling here to protect that profit. If I was not in profit, since I hate to take a loss, and providing I was sure of the long term looking bright, I would hold my position and look to cost average down by buying more shares. I might even try to finance that purchase by looking for a place to sell all or part of my holdings for a day trade if and when it does go lower. I'm just telling you what I see based on what I know. If that helps you that's great. If you don't believe me or you're skeptical, then don't do anything. You need to make your own buy and sell decisions. I'm just point out my view of the chart. It's no different than if I heard a rumor that could affect the fundamentals and I spilled that here instead. When it comes to technical analysis, at least you can go and look it up and prove to yourself whether what I said makes sense or not. Hard to do that with a rumor.
DUH, Yeah! The brokerage fees would be more that $3.00, you know?
Will do! Thanks for the tip!
YES! 8 Shipwrecks. Three in the Philippines and a cluster of 5 ships in international waters. To my knowledge, they have not begun any salvage operations but, when they do, they now have plenty of ships to discover valuable cargo on. This appears to be a very well researched operation and in my opinion, they appear to know what they are doing. I really like the long term prospects of this stock but, at current prices, even if it proves not to be exciting long term (due to shares outstanding) I should be able to easily make a profit short-term from price spikes as they report recovering actual cargo. From my perspective, it's going to be hard to lose on this one.
One person cannot manipulate anything. Do I sense fear? I'm not in this market. I just noticed that descending triangle and any chartist knows that's a bad sign. If you doubt that, go read up on Murphy.
I loading up too! - By the way, My calculations on that last ORRV prediction based on possible earnings per share were wrong. As it turns out, I was using outstanding share data that was in accurate. The fact that the price has declined here however, does not bother me at all, in fact I have an order in to buy more if it dips lower here. When treasure hits the deck and the news we will see a bounce and I'll get my initial investment back and the remaining shares will constitute a FREE trade. From there on out, it doesn't matter what the price does but the odds are, with an increasing supply of treasure on the deck, it will continue on up eventually. Remember it's a five year project and we're here at the very beginning.
8 shipwrecks and counting! How does that song go? 2-billion, 4-billion, 6-billion, I'm wealthy?
My calculations on that last ORRV prediction based on possible earnings per share were wrong because I was using outstanding share data that was in accurate. That was not a prediction based on technical analysis which is a lot more accurate. The fact that the price has declined however, does not bother me at all, in fact I have an order in to buy more if it dips lower here. When treasure hits the deck and the news we will see a bounce in the price and I'll get my initial investment back and the remaining shares will constitute a FREE trade. From there on out, it doesn't matter what the price does but the odds are, with an increasing supply of treasure on the deck, it will continue on up eventually. Remember it's a five year project and we're here at the very beginning. I also intend to buy Deep Marine but, I think I can get it at a better price if I wait due to that descending triangle.
The market is seeing support today in the $2.10 area but, I don't think this support will do more than mount a rally back to the trend line (which is now down). The last signal of any kind was a divergent sell signal I noticed back on May 1st through the 10th (slow Stochastic). I have seen no indication of any buy signals so, I assume that this weak bearish trend will continue to the next support level down around $1.82 down to around $1.79 - I would look for an anticipate a buy signal at that time.
Just an observation regarding price patterns. I should qualify this by saying I do not have a position in this market at this time. I have been watching it to determine a good entry point to buy into this market. At the present time, a large descending triangle appears to be forming on the chart. A descending triangle is usually an indication that prices are headed lower and you can usually tell how low they will go by measuring the distance from the bass of the triangle ($0.0045) to its highest price within the triangle ($0.0090). So, based on the triangle along without know that much about the fundamentals of this stock, I would have to say that is is very likely that prices could fall sharply at anytime to around the $0.002 area to sing support. Just my 2-cents! If you are not familiar with technical analysis, you might want to read John Murphy's book on Technical Analysis. He's the best. Sine I have no position and nothing to lose here, I'm inclined to wait patiently for a drop in the price before buying. Other stocks in this category also appear to be headed lower (or have already dropped lower) at this time. The market is not giving oversold readings on any of the OB/OS oscillators so there is room technically for a price pull back here that would trigger oversold readings. So, for what it's worth from a non participating observer. I would have to say that in my opinion (and from my experience) prices are due to drop lower here.
Still a real possibility and yet to be proved or disproved but, it's way too early to call. My opinion remains in tact.
When support or resistance is really strong, it does not have to be retested and won't be for a very long time. Following this three week Diamond formation, we could possibly see a three week decline in prices so, I do not think your support at $0.0028 will last that long. I'm not a huge believer is time predictions from a price formation pattern however so, as far as I'm concerned, the decline in price could last up to three weeks or longer but, I would not want to try to predict that. I'm content just saying that the price is now going down until it finds firm support. That could possibly be around $0.002 or $0.0016 or lower but my feeling is that the $0.0016 level will support this market. I would not bet on $0.002 providing support for long but, it certainly could. I just think that $0.0016 is more likely and of course, I would much rather be a buy at that lower price.
The market got support today in the $2.00 area and a bounce could occur now back to around $2.20 (previous support will not be resistance). Then I believe the price will fall again back to its established trend line @ probably around $1.88. Just my opinion. I see no confirmed buy signals here. But, it's a good place for shorts to take profits.
SHAR closed outside the wedge today even with the end of day rally, and like or not, tomorrow it will close still lower. If you doubt that, draw a straight line connecting all the lows from May 24th to June 3rd. and extend it out to today. A rising wedge is very steep and the whole pattern is all about deception. It gives the appearance that the market is going substantially higher but, in fact, it's the beginning of and interim top and market correction.
How can you disprove what has not yet happened? Give the market time and you will see what I'm talking about but, you could have taken profits when I first mentioned it and been happily on the sidelines awaiting firm support which we won't see anytime soon.
If you believe in the longevity of this stock and ride out the market swings. I much prefer to take profits when I have them and continue to buy low and sell high.
In my opinion, nothing has changed and I still believe SHAR is going lower for a much needed market correction.
I'm not disputing any of what you say. But, normal market movement still comes into play in every market. A market never just goes straight up or straight down for very long.
The funny thing about a rising wedge, is that the rise is very steep and now that the market has broken down outside the wedge, even if today's mid day rally holds and the market closes at $0.0345, that price is still outside the wedge and is still seen as a break to the downside and prices will go lower tomorrow and keep going lower until the market finds firm support.
Then, assuming the fundamentals are strong, as you say, then the market will regain support and there could easily be a summer rally but, that is way too early to call right now. Right now, this market is technically weak and it will go down.
After looking at the weekly chart, I think it's possible that the price could fall to around $1.82 for firm support. The normal Fibonacci retracement from recent highs is right around the $2.04 mark and we've tested that support twice now and a third test will very often fail. The next support would then be the previous resistance around $1.82 and, I believe it is very probably that market will find support there. So, we'll see what happens. We could certainly pickup more shares at $1.82.
Sounds like you misunderstood what I said. You might want to read ti again.
Yeah, me too but, the timing sure is not right to buy just yet. Patience can sure make you a lot of money in this business. The waiting can drive you crazy sometimes but, it's worth it. I bought SSN last week on a whim but, it's looking top heavy now so, I'm out today. Just a little extra money now for EMKR when it's time to buy.