Technicals are out and tell the direction
A simple explanation of the technicals and how it works for those not familiar.
If there is good news, people may be happy, and the stock share price may go up also called North .
If there is bad news, people may be not so happy, or frustrated sometimes, the stock share price may go down this may be called South.
If there is news that you think is good news, but others see it differently, the stock may go South, even though you think it will go North. Sometimes it is hard to tell if people are happy.
So technically you can draw a line that shows when the news is good the share price may typically go North East, and when the news is bad the share price may typically go South and you can draw a line that goes South East.
It is a very interesting line; sometimes I will put it in bold or I can make a dotted line, You can even draw two lines, sometimes two lines is more fun.
Testing can also be important, You can draw a line for that too. If the company is doing a test, and then if people are happy about that, they may buy the stock, if the test passes the FDA muster, some people will even get happier, and then if the stock price goes up You can usually draw a line that goes North East ( reminder, technically speaking North is Good )
but that line will probably go South East if the testing fails ( again, South not so good; people not so happy ). Most people are more happy when they pass a test !
Typically, when the news is good, there is more buying of the stock, some people are happier, technically speaking we call that happiness,
" support ". Typically when news is bad, there is less buying of a stock, and some people will sell the stock, that is not support, technically that is erosion of support, you see people are less happy.
One day you may have good news, everyone is happy, increase of support, and people buy the stock and that line will go up North ! and then the next day or even the next week you may learn something else not so good, that means there is less happiness, less support and the line will go South = again, technically speaking South not good, some people like the South, but for Stocks, it is not so good.
Not to get too technical but sometimes people are happy with something that happens, and sometimes people are not so happy; Technically speaking stocks often go North and South, up and down. Occasionally the stock may stay a bit stable in a range for some time, and then go up or down from there. Sometime could be a short time; some time could be a long time.
Guaranteed direction from here is up and down, sometimes on a daily bases, sometimes several times a day, like today. Sometimes a little more North than South, sometimes a little more South than North.
I would like to see this stock trending up. Trending is usually a good thing. Trending means people are slowly getting happier and happier with the actions the company is taking. Technically speaking of course, if there is good news that everyone thinks is good news, not just you, maybe it will trend up.
Here is where the technicals get very technical: If I draw a 45 degree angle line, that is good, If I draw a line that is 90 degrees that is not better, even though 90 is bigger than 45 it is not better, kind of like golf in this particular case.
So, the more you practice drawing lines, the better you will be at technicals. I sometimes use a ruler or other straight edge to make a more pretty line, but a lot of people have a steady hand and do not need one.
Anyway, that's a lot of technicals for one day.