Open’s Interest… Mon June 16 2014

By Rod David | June 16, 2014 - 2:41 am

Welcome to Open”s Interest for Monday

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

I”ve stopped coverage of TRTC after Thursday since its Rising Wedge is not extending. Its Rising Wedge isn”t even a wedge — at least, it”s not rising. A fresh high close would be entirely credible for beginning a new rally leg. But the burden of proof is otherwise on buyers.

I”m also dropping coverage of TWMJF because it has become very illiquid, and is not trending. Similar to the above, a fresh high close would get all the benefit of the doubt. Until then, its resolution is suspect.

GBLX couldn”t afford to hesitate bouncing and the consequence was fresh lows. Its pattern”s measurements offer one chance to

The next candidate to drop coverage is EDXC. Although it got life on its own last week, that surge was retraced to its origin into the weekend. Not rallying by Monday”s close would suggest new lows into the single digits coming soon.

Meanwhile, I”ve added coverage of the long candidate INSY. Also, I”ve updated The Universe with parameters to reference for any MJ stock”s break either way. Use it to assess dips that might be ready to react up, or bounces that might be able to extend..

..
Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
INSY	25.25	26.50	29.20	24.65	BOTTOM-FISHING
	Rally into the weekend suggests the basing is ending
SPRWF	n/a	.086	.135	.073	PULLBACK
	May have absorbed the pullback”s extra dip
EDXC	n/a	.12	.18	.105	PULLBACK
	Dropping coverage if not rallying by Monday”s close
GBLX	n/a	1.95	4.75	1.85	PULLBACK
	Recovery depends on immediately rejecting Fri”s fresh low
-MDBX	17.95	20.15	12.25	21.30	PULLBACK
	Extended narrow range makes first break suspicious
ERBB	.029	.034	.050	.032	UP/DOWN-CRASH
	Delayed recovery back above .029 could detour to .022

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