bristlecone pine?
Lets get one thing clear,
I am not much of a techno nor much of a fundamental, but aspire to be a technofunkomentalist (stolen from JL).
I do like to look at the 20, 50 and 200 SMAs, RSI, MFI, and BBs. I definitely like to look at candlesticks, and long term lows. I only give passing glance at things like options strikes and expirations.
I can’t see anything that screams clarity with Wave other than there seems to be support in the mid 2’s.
I can’t see anything that looks like a solid indicator of a pull-back from this 3ish area, nothing indicating a strong move up from this 3ish area, nothing indicating overbought in this 3ish area. There were hints of overbought and hints of pullback type thingy’s just as there are hints of continuation at 3ish.
All-in-all it looks like the near term will be driven by fundamentals with no solid technical thingy driving things at the moment.
I lean towards the notion of continued consolidation around 3 more than a retreat to mid 2’s … but that is likely more because that is what I want than anything else.
The average closing price of days coming off the 200 SMA up to Jan 14th is something like 3.74, so , short of closing north of that on average, the 200 SMA is coming down. SMA 20 and 50 are currently closing on the 200, the rush to 3 traced outside of the BBs for a couple of days but moderated quickly, RSI and MFI are more or less in continuation space, no higher probability candlesticks have turned up, there was a fake towards a dark cloud, a fake towards both a morning star and an evening star and bearish engulfing … none of these formations were ever established, but one could argue the recent rising window forms a support gap (@2.95).
That’s enough sophistry for the day. I’m thinking continuation at 3ish in the absence of news.
I don’t know what the options interest currently is.
The current activity seems to mirror what I perceive to be your current sentiments ... Should one toss some in or wait for the usual pullback to mid 2’s …
The above content is my opinion.
AI
