Replies to post #10927 on 123Tom's TA study group

[kevindenver]

Yesterday morning in the FB chat I run I made the comment "Besides more company news, a few other things I'm watching for is the stabilization of biotech valuations, using $XBI as a guide. Then shifting gears to T/A, I'm watching for a long tail on today's candle."

I am encouraged by the Dragonfly Doji as possible first signs of reversal if we get upside follow-through of course as you mentioned.

I gotta say, I'm enjoying the discussions in our own little part of iHub away from the noise.

[123tom]

So today, price opened holding the support step around 7.07 and crawled up a little , then surged up 75 cents around the noontime hour, only to sell right back down, and crawls around 7.20 for the day. Seems like there is a lot of price surging and selling these days, that makes a mark on the chart but doesn't amount to any real pattern development. My take on this week's price development is a bottom at 6.81.... followed so far by a bounce that has held support, so far, at 7.10 area, right where it needs to, and the spike to 7.90 , is incidental to be dismissed. Support is holding for 2 days at the moment. Where is real resistance to watch... maybe around 7.50 area?