If your grandma was a TA guru, what would she be telling you?
Probably the same thing that little voice of reason is whispering to all of us.
Beginning with the general market: "Be careful sonny.. this market is extremely extended on thin volume. If you have microcap high ATR stocks, they could drop hard if this pattern rolls over" How would that affect NWBO? Weekly: The RSI would likely test the 50 level and the PPS would test the area of the first arrow. If the 50 level failed, PPS would test the solid support located at teh 2nd arrow. Daily: this prolonged consolidation that Soj has documented is indicating a turn up to test the overhead area where prices accelerated to the downside (red highlight). The first target = upper channel(first arrow). The 2nd = the top resistance of the 2nd arrow.
Intraday: Yesterday's price action was positive. The Impulse changed from blue to green, however prices were quickly rejected at the previous high + midband resistance. All in all, bullish action for the day. My entry is still set for a close above 12/15 high. If that happens, it will confirm a reversal IMO.
Conclusion: Grandma's wisdom to me means we are in an environment that calls for caution and protection against any potential fallout. In other words I plan to continue to sleep on my longs... but with one eye open. In the meantime, I won't alter my daily plans to the bank :)
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