Open’s Interest… Fri May 31 2014

By Rod David | May 30, 2014 - 8:33 am

Welcome to Open”s Interest for Friday

(Setups and parameters are below…)
This week”s Universe || Last Open”s Interest || Non-MJ Requests

Friday”s are among the most difficult to trade, because liquidity evaporates ahead of the weekend. The morning”s action is still relevant. None of which prevents trending through the afternoon — in fact, Friday afternoon trending can be difficult to stop once it starts. Starting it is the difficulty. And the sector still may be too near its lows, inhibiting new buyers before Monday.

But the bigger picture bottoming pattern still tracks the appropriate timing, with the Wednesday afternoon – Thursday morning time frame containing much of the pullback activity. Be sure to review the Activity Feed”s last Alert (immediately prior to this post) for comments about other sector stocks. That and this morning”s Livedesk is where I”ll pull new coverage for Monday”s Open”s Interest.

Finally, I”ll be announcing later today that we”re having an “Unlimited” session on Saturday afternoon at 4pm ET. It will spend some time discussion the RSI technical indicator.

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Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
BRDT	.32	.40	.58	.32	BREAKOUT
	Hovering at recent lows, high-volume surge likely to extend
TRTC	.435	.51	.91	.403	BOTTOM FISH
	Started its pullback Thursday
MCIG	.375	.45	.57	.44	BOTTOM FISH
	Raised stop, but really must recover early weakness Fri
TAUG	.032	.042	.055	.029	PULLBACK LIMIT
	Didn”t reject Thu”s opening surge, but hasn”t yet extended it
TWMJF	2.65	3.05	3.75	2.60	PULLBACK LIMIT
	Retest of Wed”s dip should hold, launch next recovery leg
VAPE	1.65	3.25	4.65	1.92	FALLING KNIFE
	Still needs a little deeper dip before completing a bottom
-MDBX	20.25	21.30	12.25	21.30	MONITORING
	Wed”s low held Thu, still testing 20.25 support.
-GWPH	64.30	71.00	54.00	69.50	PULLBACK
	Has maxxed out its bounce, if it”s only a bounce
AGTK	.225	.268	.380	.215	UP/DOWN-CRASH
	Dropping coverage after Friday if volume hasn”t expanded
ENRT	.13	.20	.33	.17	UP/DOWN-CRASH
	Another insider sale? Still, trending up. Raised stop
ERBB	.029	.034	.050	.025	UP/DOWN-CRASH
	Will buy retest of Thu”s pullback low at suppt, or a surge
NVLX	.225	.290	.450	.245	FALLING KNIFE
	Holding bounce off of low”s retest, might have to buy strength

Breakout
(consolidations or basing that is forming an accumulative pattern )

Up/Down-Crash
(extended trending with only 1-2 countertrend closes, ready to snap back)

Pullback Limit

(breakouts and bounces that have retraced 61.8%…

these situations are often make, or break)

Bottom Fish

(basing after extended decline — not really a “trade”)

(breakdown unconfirmed a 2nd day — only buy strength)

Third-day Surge

(2-day surge to fresh highs at risk of peaking — don”t chase higher)

Not a Charm

(third test of retested low, triangle — lower lows coming?)

Falling Knife

(trying to catch the reaction to a steep drop — ouch)

Rocket Launch

(sudden explosive interest that gains traction)

Monitoring

(observations of other stocks of interest)

Open”s Interest is the daily pre-open reference for marijuana stock patterns currently of interest, including other insights and overviews.

Posted in Bigger Picture