Bigger Picture

[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]

Links to ||Last week”s Universe || Prior week”s Universe || Previous week”s Universe ||

Messy kitchen? Last week”s comments about the sector”s internal improvement warned not to get too excited. Even if bullish, price wasn”t required to suddenly rally.

And it didn”t.

The week did end with some interesting buying. A fair portion of it was reactions to fresh lows printed during the week. But the 4-week trend readings slipped after having improved last week.

The same caveat applies to last week”s deterioration as was said for the prior week”s improvement — don”t get too excited. I would have been suspicious of a sector-wide reversal occurring at once, and so near a low. Especially without any broader news that might explain it.

So, the next upleg might not have begun yet. It might not begin soon. But the recently opened door to an upleg remains open, despite last week”s action.

Enjoy!

Thursday”s post-close weekly Livedesk Unlimited covered the following stocks, in the following order, with the following summaries, as follows… Follow?

VPOR — Has rejected nickel resistance to retest the low, at risk of accelerating the decline if not reversed up immediately.
MCIG — Delay in meeting my minimum target allowed multiple distributive patterns to form. The most extreme of them targets .25 which was Thursday”s low. Not holding and recovering would suggest substantially lower objective in-play.
ANYI –Ascending Triangle forming, with potential to .038.
SPRWF — Testing .30 support takes fresh highs off the table until another accumulative pattern can form.
ATTBF — Potential to .30 unless .43 is recovered without delay.
VAPE — Close under 2.12 targeted 1.88, which was tested Thu to within a penny. Back above 1.95 would avoid extending to 1.58.
GBLX — Testing .920-.945 support, must close above 1.00 to suggest bottom is in.
TAUG — Close above .0226 would resume the rally.
TRTC — Vulnerable to accelerating the pace of its decline.
HEMP — Attacking .0333 objective, must recover .0391 to target .045.
CARA — Potentially bottoming, but must probe a fresh low and recover it to confirm.
TKMR — Under 17.45 would extend the consolidation before being able to resume its rally.
NLNK — Testing 25 support, which must be rejected aggressively to end the consolidation.
CNAB — Not closing above 1.82 after testing it intraday Thursday threatens the recovery, which would be reinstated by closing above 1.62. Meanwhile, room below to 1.50.
GWPH — Held 87 support again, closing higher Friday on expanding volume would be credible for launching rally leg. But the pattern is at an inflection point that becomes bearish if not rallying soon.
ERBB — Pullback avoided a close under .0176 and Thursday”s close is trying to resume the rally.
SRNA — Must close above 2.80 to end the consolidation. Meanwhile, room for noise down to 1.25.
BRDT — Spending a little too much time consolidating at lows, instead of rejecting them.

http://new.livestream.com/accounts/7617211/events/2865745

Quite a busy day. A lot of stock analysis requests, and a lot of observations to make otherwise. I want to show everyone the actual patterns and other price action I was looking at as the basis for my numbers and opinion. We”ll also discuss the daily stock picks I”m starting to offer in he Activity Feed, and soon in the Blog.

Please join me in Livedesk at 4:30pm ET at the following link. I”ll review the MJ sector and any of your stock interests, as well.

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

This morning”s higher open has returned the market to where it was at yesterday”s opening gap up. In a sense, it is repudiating all of the selling that developed intraday. For now. We”ll review the bigger picture during this afternoon”s post-close Livedesk at 4:30 ET.

Meanwhile, please post stock chart analysis requests to this thread in the Activity Feed. Yesterday”s requests were all addressed during Livedesk, and they”re summarized in the prior post. I”m about to add a couple of observations to this post now…

We discussed the following stocks during this morning”s Livedesk. They are listed in order, making it easier to scroll the recording to any one stock”s discussion point if interested beyond my summary below.
http://new.livestream.com/accounts/7617211/events/2865745

ERBB — Must continue holding .017 and close above .0186 to resume the recovery.
MCIG — Still not interested in bottom-fishing, but might look for Falling Knife catch at .29 or .275.
TKMR — Pullback needs to hold 18.75 and close back above 19.20 (preferably also above 20.40) to signal the corrective dip had ended.
ATTBF — Missed another opportunity to at least challenge resistance, and a bullish scenario shouldn”t still be struggling to hold .40 support.
GWPH — Poster-child for depending on confirmation from a second consecutive higher close. Never confirmed its recent high-volume breakout, and now struggling to hold 97 support and avoid targeting 75-77.
VPOR — Reiterating strong resistance at .05, whose recovery would be bullish, but no recovery could begin any lower.
FITX — Lacking its own confirming second consecutive higher close from its own recent probe of fresh highs.
TAUG — Pullback has room down to .0215 while still being only temporary on the way to higher highs.
NLNK — Pullback has room to 25.60 while still being only a temporary correction, which would be confirmed by closing back above 27.90.
SPRWF — Upward momentum next targeting .42 depends upon holding .33 support. Closing under .31 would at least derail the recovery for awhile.
VAPE — Closing back above 2.12 could avoid 1.88, until closing under 2.05.
ISIS — Testing 45 resistance aggressively could be bearish, while gradually approaching it would allow the rally to gain more traction.
DNOW — Above 34.17 is probably bullish, but too newly issued for confidence.
SYF — Potential to 26.55 / 27.35, but being a new issue undermines confidence in the pattern”s predictable resolution.
AKS — Already expended a lot of energy over a week, just to attack the last relative low at 10, which is strong support when tested freshly.