Livestox Recording Oct 29, 2015
Thursday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread.
SPX
TWTR — still testing 28 pullback limit, room to 27, above 31.40 = 34
INSY — recent timely pick at 21.25, now probing its 27.35 resistamce
CARA — bounce potential remains intact at 17.75
GPRO — will monitor a close above 28 that would suggest bottoming
TSLA — pattern remains bearish
AAPL — 122 area should be peak of corrective bounce
TWMJF, SPRWF, OGRMF — 3-rd-day surges holding
CANV — recent pick that has been firming slowly
GWPH — 74.85 targeted for potential bottoming
FEYE — request, nothing bullish yet
ELY — request, attracting longer-term
FOLD — request
USO –Temporary bounce on the way back to prior lows
GLD — Potential support at 109.95 being tested
thanks Rod.
3 Questions on XXII:
1. Is today a breakout? (volume doesn’t look strong enough yet)
2. If it is, is a confirmation needed tomorrow?
3. What’s your target on the next leg?
XXII — Yesterday was not a breakout, because volume was not extraordinary. So, a higher close today would not confirm anything new. My next higher targets are 1.85 and 2.15.
so would a higher close today (or Monday, Tuesday, or whenever, but without closing lower first) – this time WITH extraordinary volume – be considered a breakout? Or does it need to first retrace under the relevant price level (1.45? 1.38?) and then reattempt a more convincing breakout on volume?
or (rethinking my previous assumption) are your higher targets based on the break out of the 1.24 level on Oct. 19th – which WAS on volume (but which wasn’t confirmed, if I’m not mistaken)?
Correct, the targets are based on other prior swings and accumulative patterns.
The whole breakout question assumes the prior several sessions formed a pattern from which a breakout would be possible. But there was too little definition of the range to be a pattern, so no other characteristic of a breakout ever comes into consideration.
ok, thanks.
so would now be too late to get in, in terms of risk-reward?
XXII — There’s room down to 1.00 before suggesting momentum is reversing down. So, the R:R here isn’t optimal, but it’s not horrible
thanks, will try to get it lower.
Tks Rod – RKUS – big selloff after market yesterday after it was trending so nicely. Is chart broken or consolidating? Tks.
RKUS — Sorry, I just noticed my earlier response didn’t post… It looks more like a reversal than a consolidation. But after the reversal runs its course for several weeks and probes deeper, a bottoming pattern would be likely to form and to eventually launch a rally to higher highs. Nearer-term there is bounce potential to 11.85-12.15, and closing any higher on expanding volume could be bullish.
Hi Rod, Does ECIG need to retest .25?
ECIG — Sorry, I didn’t see this earlier… Does not have to retest .25. But volume needs to continue expanding to confirm the recovery attempt is valid.
Hi Rod, been wanting to short CYBR, todays action negative or does it need to close under yesterday.
RSI is diverging positive
I don’t see RSI diverging from price action, both are relatively higher. Regardless, the pattern is distributive and under 47.40 would trigger it.
TRTC: Creeping up on volume. Are you still looking for a .135 pass on volume?
TRTC — I noticed this action yesterday. Volume was substantial. It’s not clear whether a longer-term bottom is forming (I think not) but at least a meaningful pop seems to be hours away or less.
PMCB: Is this still looking like a pick?
PMCB — Closing above .115, yes