Open’s Interest… Tue May 27 2014

By Rod David | May 27, 2014 - 8:19 am

Welcome to Open”s Interest for Tuesday

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

Absence makes the heart grow fonder. Time heals all wounds. And last week”s trend is this week”s distant memory. Especially after a holiday weekend.

Several glaring examples appeared last week of MJ stocks that had gotten overdone to the downside. Some started bouncing Wednesday, more on Thursday, and then even more joined them as they extended their bounces into the weekend. All against the backdrop of one unhalted stock plummeting, and another stock being halted.

Several positive news stories during the weekend could give other MJ stocks a boost. (Tweed gained in Canada Monday.) Perhaps the most irrefutable evidence of a recovery underway would be to close higher Tuesday. I would much rather buy that strength, than to wait around for possible weakness.

[NOTE: I”ve adjusted the format so it is more issue-centric, instead of segregated by setup. Scroll down further for each setup”s definition. The information for each pick is ALL the same.]

.
Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
MCIG	.375	.45	.57	.375	BOTTOM FISH
	Can resemble “rocket launch” since no time for further delay
TAUG	.032	.042	.055	.029	PULLBACK LIMIT
	Hovering at/above its stop, no time left for further delay
TWMJF	2.45	2.65	3.75	2.40	PULLBACK LIMIT
	Fully corrected its Key-Reversal, just waiting for lift-off
VAPE	1.65	3.25	4.65	1.92	FALLING KNIFE
	Long-standing sub-$2 target finally tested, no base required
-MDBX	17.75	20.25	12.25	20.25	PULLBACK
	Corrected back to the last donwleg”s origin
-GWPH	64.30	67.75	54.00	69.50	PULLBACK
	Finally broke support last week, small window to extend
AGTK	.225	.268	.380	.215	UP/DOWN-CRASH
	Bounce should have begun from Thursday”s low
ENRT	.130	.20	.33	.125	UP/DOWN-CRASH
	Stalking a fresh low, which must be brief
ERBB	.029	.036	.050	.025	UP/DOWN-CRASH
	First upleg already played out, should absorb a pullback
NVLX	.245	.290	.450	.245	FALLING KNIFE
	Consolidating an unconfirmed break

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