Tuesday, October 03, 2017 12:21:46 PM
GW... you asked me a little more than two weeks ago if a cup was forming, and i told you it was premature to call for anything without confirmation. at the time you asked me this was still in search of a bottom. now that it has begun to round out the bottom the pattern is called -- naturally enough -- a 'rounding bottom'. hey! i don't get to make up these terms. wordsmith that i 'yam' i still have to work with what's given.
i'm posting the one year weekly below. you'll clearly see the rounding bottom here on the right side. fwiw, it is not unusual for this kind of pattern to take months to play out.
as for all chart reads, there are no single indicators that serve as an all everything tool. they all require at least another one or two for confirmation. iow, given the recent trading, the idea that the macd has converged upward on the daily -- as posted on a board with no high end chartists -- is merely a signal that the negative trending of the stock has abated. in point of fact, though they serve the same purpose, and use much of the same math, the ppo is a better long term indicator than the macd, and it has not diverged.
my w.a.g. is that shares have come to the market in a combination of some dilution and shareholders exiting. in a bad market, and for the pennies this not a good one, money is king. i'm of the opinion that a lot of pennystock money is getting parked in anticipation of a collapse on the big boards.
if this can't hold the 200ma on the daily at .0091, i would begin to look to the 50ma on the weekly. its at .0078
best of trading to ya'
rich
i'm posting the one year weekly below. you'll clearly see the rounding bottom here on the right side. fwiw, it is not unusual for this kind of pattern to take months to play out.
as for all chart reads, there are no single indicators that serve as an all everything tool. they all require at least another one or two for confirmation. iow, given the recent trading, the idea that the macd has converged upward on the daily -- as posted on a board with no high end chartists -- is merely a signal that the negative trending of the stock has abated. in point of fact, though they serve the same purpose, and use much of the same math, the ppo is a better long term indicator than the macd, and it has not diverged.
my w.a.g. is that shares have come to the market in a combination of some dilution and shareholders exiting. in a bad market, and for the pennies this not a good one, money is king. i'm of the opinion that a lot of pennystock money is getting parked in anticipation of a collapse on the big boards.
if this can't hold the 200ma on the daily at .0091, i would begin to look to the 50ma on the weekly. its at .0078
best of trading to ya'
rich
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
