TA Update:
Groundhog Day: Haven't we been here before?
If somone were to take the charts of Late Winter 2000 or Spring 2003 and this years chart and remove the prices, you would have to wonder if we have seen that before. If you took away the names of the drugs (minor detail), you might wonder if the musical backdrop and buzzing hub-bub of fundamentals would be accompanied by none other than Sonny and Cher in the background! <g>
But, more likely, we find ourselves in a new day, with the freshly fallen snow on the ground wondering 'what do we do next'. I guess the answers are easier in the days when everything stayed the same and you are always looking in the rear-view mirror, a state that I believe has affected many long-term holders of the stock. Just like lovable old Charlie Brown, we don't want to see Lucy pull the ball away from us, finding us flat on our backs, again. (yet, we can't help ourselves, can we?) Enough of the pop culture philosophy, Syndi, where the heck are we?
It is difficult for me to provide targets for trading at this juncture, as my systems have been honed for targets of long-term nature. But, clearly, we find ourselves reaching the levels of highly overbought on most daily type charts (not so much on hourly, though). I suppose a case could be made here to take some good trading profits off the table at this level, were one inclined to trade. It has been a fairly easy double right here, if you were paying the slightest bit of attention. In fact, it simply could not have been more obvious after the PP, which would have yielded a very heft profit, despite the 'investment smack' that abounded at the time. I certainly would not argue against such profits and/or loss cuts below the current price.
The macro juncture is quite a bit more interesting, though. I love the long term chart, as I have suggested in previous posts, I suppose if were possible to 'love' a chart that had a decline from 101 1/2 to 0.80. A very distinct pattern is being finalized right here and now. The next logical move in it should see a retest of the 2003 high at $6.53 and then we carefully consider the 'what next' scenario. I find it likely that some chopping around in the 6.50 to (dare I say it) 10 range to be next. However, a blow through the 6.50 level on a massive volume day (as I have suggested before) could make the chopping left to Ronco. It is quite possible folks. However, in the world of 6 minutes of attention span, you might forget the methodical nature of the dance, just to be caught in the end without a chair when the music stops.
Caveats abound, not the least of which is to never mistake that you are on your own out there and my observations are just that, observations and not advice. While TA is a big part of my every day life, TA on ENMD is more of a hobby. I don't worry too much, though, there are any number of posters who will gladly tell you that such methods and devices are created from the very guano that runs through my veins. This is a frickin' micro-cap biotech company in trials, and 'where are they gonna get the money??' and 'dilution sucks!', and so on and so forth. To which, I respond, 'As you wish'.
So, as dear Chauncey does, I am here and watching. I hope we win.
Best Regards,
Syndi
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