Amarin Corp Plc (AMRN)

[FishyFingers]

How can bar 3 be good?

I explained it clearly in that post that you only half read.

"Average daily volume is 2.0m and the volume today was a mere 1.3m. What this is telling you is that there is precious little supply left in this price zone (ie precious little resistance left to prevent higher prices)."

What I am saying is that the coast is now clear for higher prices on the daily chart, as it also is on both the weekly and monthly charts. Any minor dips in price that you see now represent great "last chance" buying opportunities before a charge is made up and over 3.65.

Don't you think it represents "no follow through" to the bullish bar 2? A lack of follow through is a not a good thing when a stock is trying to break free of resistance.

Looking at it from a daily trading perspective yes, you could say that (and into the hourly charts to scalp the market short term you can go, but I aint into that - i only swing trade markets - life's too short to be staring at charts on a computer screen all day). That 1.3M volume on the Bar 3 that I cited is far more BULLISH than BEARISH in the grand scheme of things (ie a weekly, monthly chart perspective), and it bodes very well for higher prices very soon ie id say within the next week or so (I have a hunch that the conference call on the 28th may contain the catalyst - news of 80% events having been reached or something like that).

Think how many millions of shares are owned by the smart money now (> 100M). And you think a "no follow through" tiny 1.3M volume price bar is BEARISH, and the share price is set to tank on the back of it???? That has absolutely zero chance of happening. Might we see some short term dips in price back down to previous levels of support? Absolutely. These are BUYING OPPORTUNITIES and nothing else.

Here's Wednesday's Daily price chart:



Looks like prices will head down and test the "support zone" ie 3.32 - 3.28. The last time prices were at that level the volume was only 1.86M, so there isn't very many shares left out there at those prices, which is why I don't see prices falling a whole lot lower than that. All the cheap shares have already been bought/accumulated by the smart money. So the only place left to go then will be back UP into the zone of resistance to test 3.65, and because of the lack of supply (smart money aint selling, we already know that) I expect prices to climb and close higher than 3.65.

To be clear.....



Again, all my own interpretation of what I see in the charts based on what I perceive as imbalances between supply and demand. Am I wrong? I highly doubt it.

(PS: I know you operate with about a 70% probability of success with your predictions. I aim for >90%. 70% isn't bad I suppose. Pays the bills)