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Open’s Interest… Mon Apr 28 2014 – If, Then… Market Timing

Open’s Interest… Mon Apr 28 2014

By Rod David | April 27, 2014 - 4:49 pm

Welcome to Open”s Interest for Mon Apr 28 2014

You”ve asked that I provide a greater focus on shakier “opportunities,” so I”m introducing a new format to allow it. Stocks will be assigned to the categories below. They will be repeated daily (including their shorthand instructions). I”ll list the symbol and any actionable parameters, and provide more depth in the video. Generally, stock listed here are already at an inflection point, so starting to rally on expanding volume would be that much more capable of extending higher intraday.

Each daily Open”s Interest begins with an update of the environment, let”s get started…

PHOT came, and went. Up. Trading resumed at a deep discount Friday, its high holding levels where we would have bought if that were the low. I”ve updated my parameters below. ERBB Pullback has reached the precipice, but even more concerning is the context of coming after a lot of recent hype and getting visibility on CNBC. Meanwhile, ATTBF and ENRT narrowly held their pullback limits Friday, with SPLI momentarily attracting a big following. EDXC is on the ropes, and GWPH short is hanging by one. Meanwhile, Tuesday will be two weeks since what I”m still viewing as an important low for the sector. That doesn”t necessarily mean another full-fledged rally is underway, but we”re watching.

Pullback Limit
(breakouts and bounces that have retraced 61.8%…

these situations are often make, or break)

ENRT Still testing its sub-.30 retracement limit
FITX Friday”s bounce retracing its Wed-Thu decline at .0875
MINE Volume contracting as retracement to Mar”s high reaches .031
NVLX Above .37 should retest .45, where new highs could become targeted
TTDZ No room to extend Friday”s dip if Wednesday”s breakout was valid

Bottom Fish
(basing after extended decline — breakout is the “trade”)

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

EAPH Three week old range, breakout above .0385
FSPM Lowering buy signal to 3.40
MCIG More of a protracted range, gets bullish above .62

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

none

Not a Charm
(third test of a low often breaks lower)

ERBB Upleg can”t afford to delay recovering above .045
HEMP The latest bounce was pretty shallow

HPCSCup & Handle formation is hanging by a thread, above .025 should spike up
ZDPY Two new low closes last week

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

PHOT adjusting buy zone to .135-.175, targeting .33-.37, prefer no close under .175-.19
STEV above .168 targeting .25

Rocket Launch
(sudden explosive interest that gained traction)

SPLI early uptick on volume would target .11-.14

In the Weeds (technical tips)
— next time —

Enjoy!

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