Monday, August 20, 2018 6:45:52 PM
INMG chart
3rd up day in a row -- white candles with higher lows and higher highs, and a psar flip today to light the candle. stock broke resistance and took out the 3M block of shares sitting at .0077. once past there it ran on low volume towards the rsi14 powerzone of 70 at .0095 where (though it traded some shares above that) the bid could not garner enough support for a further breakout.
that was interesting, but because the stock had begun to trend up, todays candlestick -- a small candle with a long shadow above -- is better known as a 'shooting star, where it's generally seen as an indicator of a price top and reversal. given the three day pattern, tomorrow will be very important in seeing whether today's wick was a sign of exhaustion or a continuation of the uptrend. confirmation of it being a 'shooting star' will be seen through the close tomorrow if its lower than than the bottom of today's candle.
iow... a close below .0068 could open a trap door to lower lows.
that said, todays breakout was done on only 5% of the 'currently' known float. that's a relatively insignificant portion. what i see on the chart through the Accum/dist and ChiOsc are retail traders selling off shares. i would venture to say, that this looks less like a dump and more like the trading of speculators who either averaged down or entered recently and were satisfied to leave now, as versus hanging around to see what the near future brings. this, as i've said before, is because the word 'long' has little to do with time. its a verb signifying a yearning. pennystock holders have very low tolerance levels for biding their 'thyme'. they would rather cook and sing songs with 'rosemary and parsley'. unfortunately, it takes more than a micro-minute to make a souffle.
i look for this to test the 50 and 100 ma's for support. should they hold, i suspect this will trade the new range and consolidate near the top of the bollies before testing the new 3 month high. volume is key.
3rd up day in a row -- white candles with higher lows and higher highs, and a psar flip today to light the candle. stock broke resistance and took out the 3M block of shares sitting at .0077. once past there it ran on low volume towards the rsi14 powerzone of 70 at .0095 where (though it traded some shares above that) the bid could not garner enough support for a further breakout.
that was interesting, but because the stock had begun to trend up, todays candlestick -- a small candle with a long shadow above -- is better known as a 'shooting star, where it's generally seen as an indicator of a price top and reversal. given the three day pattern, tomorrow will be very important in seeing whether today's wick was a sign of exhaustion or a continuation of the uptrend. confirmation of it being a 'shooting star' will be seen through the close tomorrow if its lower than than the bottom of today's candle.
iow... a close below .0068 could open a trap door to lower lows.
that said, todays breakout was done on only 5% of the 'currently' known float. that's a relatively insignificant portion. what i see on the chart through the Accum/dist and ChiOsc are retail traders selling off shares. i would venture to say, that this looks less like a dump and more like the trading of speculators who either averaged down or entered recently and were satisfied to leave now, as versus hanging around to see what the near future brings. this, as i've said before, is because the word 'long' has little to do with time. its a verb signifying a yearning. pennystock holders have very low tolerance levels for biding their 'thyme'. they would rather cook and sing songs with 'rosemary and parsley'. unfortunately, it takes more than a micro-minute to make a souffle.
i look for this to test the 50 and 100 ma's for support. should they hold, i suspect this will trade the new range and consolidate near the top of the bollies before testing the new 3 month high. volume is key.
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