Opko Health Inc (OPK)

[Tmguns]

fwiw, chart wise, we retested the 60 day moving average of 7.56 on huge volume and closed within the same trading range as the day before. This suggests two things, on the bearish side, it was a trading of that same inside day trading candle as the day before which suggests huge redistribution from capitulating weak hands to strong hands and a traders paradise. On the bullish side, the retesting of that low suggests that the capitulating phase has reached its crescendo/over 8million shares traded 2x's average,, of exhaustion and we need a rally of sorts to possibly take us up to near the new line of resistance which was the old low of 8.20 which was the huge old line of support, the low of the year prior to this fall in price.We took to that on Friday and looks like we might take that out on Tuesdays trade.
If you look at this graph its shows that we still could have some considerable drop in stock price as the stochastic cross over going down depicts this.A huge up volume day and a follow through next day would negate this trend.We are barely hanging on in the point and finger chart which depicts the descending triple bottom breakout which is extremely bearish.This weeks trading is extremely important, my bet is we get a sympathy snap back bounce and gives us some relief of the blood letting that went on last week, but, still in a bear market so be on guard.A wise piece of old trading advise, "if you feel like doubling down on a losing position, go slam your dialing finger in the drawer until the feeling goes away".Good luck in trading and what most people think they know, ain't worth knowing.Remember, these hedge fund guys that talk on bubblevision are used car salesmen, they'll sell you a pair of running shoes with a hole in them and tell you its the finest of holes you'll ever find.

http://stockcharts.com/freecharts/gallery.html?s=opk