Bigger Picture

Livedesk begins at 10:45 ET. Following are observations I made in the last thread. We”ll review those with the chart. I also see requests for RAD AMBA NXPI MCIG AAPL

TRTC — Held its .258 resistance yesterday, so the downtrend remains intact. More so, having bounced that much, the downtrend is possibly refueled for lower targets than .202.
ATTBF — Downtrend underway, next targeting .27 area unless .35 were recovered first.
VPOR — Fulfilled its .025 target, and barely took advantage of any room for a bounce before probing fresh lows this morning. The nearest buy signal is now a close above .032.
TAUG — Dipping a little further today after yesterday”s weak attempt to resume Tuesday”s rally. The action seems to confirm that the initial surge was solely a reaction to a promotional piece.
TKMR — Retesting its two-week old high that has been the highest level since entry. This being a retest, the recovery / rally won”t tolerate much hesitation before extending higher.
NVLX — A two-week long slide from near .27 stopped magically yesterday at .18 support. That formed a high-volume consolidation through the close. This morning”s attempt to resume the decline reacted up suddenly and substantially to probe above .20, also on high volume. Impressive, but not a bottom, not until closing back above .23.

This morning”s Livedesk begins at 10:45 ET, and I”ll send another reminder just before it. Be sure to add your requests for chart analysis to this thread. Indicate whether it needs immediate attention before Livedesk in case of a developing situation.

Not only is the monthly FOMC policy statement due for release in a half-hour, but the quarterly Chairman”s Q&A is scheduled a half-hour after that. These events have come to be more reliable for market volatility than the monthly Employment Situation report.

Meanwhile, this morning”s opens among MJ stocks were interesting. Following are my comments in the previous thread, in case you missed them. Notice specifically the parameters listed at the open for GWPH and TRTC. But be sure to review them all if.

One more note: There is no weekly post-close Livedesk Unlimited, so we”ll have a morning session. See you there…

VPOR — Spiking up this morning on huge volume, after having held my .025 target for the decline yesterday. At least a test of .0375 is likely, if not also .045. But it is premature to label this as a bottom or as THE bottom.
TAUG — No follow-through from yesterday”s surge, which itself failed to close above resistance. Extending higher today at all would still be impressive. Otherwise, I”m still concerned that yesterday”s action was related to a promotional piece, and not to any actual fundamental developments.
MINE — Big volume spike up at this morning”s open, after correcting last week”s high-volume surge. Closing above .0078 would help to validate that prior surge and likely target .01.
GWPH — Testing 90, in a 61.8% retracement of this week”s decline. Back under 88 would confirm the bounce was corrective, and likely extend to fresh lows for the week, which would put into play 75-77.
GPRO — Closing today back above 67.75 would start to suggest the reaction down was already done at yesterday”s 63.42 low.
TRTC — If fresh lows are probed without there first being a bounce into the .244-258 range, then that leg should end the drop. That leg measures to .202. Bouncing first would refuel the decline to create lower targets. Closing above .265 would signal instead that an upleg was already underway.
GBLX — Trading down to fresh lows. My capitulative target range is .46-.52. Having tested .70 intraday, closing today back above .78 could avoid the capitulative stage.

Here”s the link to this morning”s Livedesk:
https://new.livestream.com/accounts/7617211/events/2865745

I reviewed the following stocks in this order: ATTBF, CNAB, TRTC, VPOR, TAUG, ERBB, MCIG, VAPE, QTMM, YHOO.

I also discussed the following technical / charting concepts:
– A pattern”s target is not necessarily reached directly, but can be the destination of protracted trending.
– “Ineffectual optimism” wastes buying pressure that might otherwise be available to recover from fresh lows. Instead, that impatient buying is converted into selling pressure when the bounce it creates starts to fizzle.
– Bottoming patterns vs. Falling Knives: The rally produced by the latter is only temporary, and retraced entirely, much sooner rather than later.
– A trending pattern (e.g. lower lows and lower highs) must be retraced by at least 61.8% before assuming the trend has reversed up, and not simply corrected.

Check the prior thread for comments on several other stocks, including CELG, LNG, and INSY.

Don”t forget about this morning”s Livedesk at 10:45 ET. We”ll be reviewing TRTC to identify near-term support that could hold (spoiler alert: .2020) and ATTBF (.174?)… VPOR is probing under my .025 pullback target, we”ll review that pattern, too.

http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/