Open’s Interest… Wed May 28 2014

By Rod David | May 27, 2014 - 6:41 pm

Welcome to Open”s Interest for Wednesday

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

Now does it look like a bottom? Last week”s spotty firming and specific surges broadened out Tuesday into more general rallying. The bullish pattern would most likely dip Wednesday morning, but then begin recovering into Thursday and through it into Friday. Extending much higher too soon would inhibit new buyers and encourage profit-taking among those recently accumulating.

ENRT was bought Tuesday when it formed the pattern I had been describing. I am aware of the insider sale, but would be concerned only if there were more from this officer or others. I”ve added BRDT and TRTC coverage for surging Tuesday on volume back up through resistance.

.
Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
BRDT	n/a	.385	.58	.335	BREAKOUT
	Extending Tuesday”s bounce is bullish, pullbacks aren”t
TRTC	.43	.50	.91	.403	BOTTOM FISH
	Tuesday”s surge extended, beware if not duplicated
MCIG	.375	.45	.57	.425	BOTTOM FISH
	Nice volume on Tuesday”s surge, raised stop
TAUG	.032	.042	.055	.029	PULLBACK LIMIT
	Very late surge Tuesday avoided triggering its stop
TWMJF	2.65	3.05	3.75	2.60	PULLBACK LIMIT
	Tuesday”s gap up never improved intraday, might buy dip
VAPE	1.65	3.25	4.65	1.92	FALLING KNIFE
	Gap up Tuesday held “higher prior lows” resistance
-MDBX	17.75	20.25	12.25	20.25	MONITORING
	Traded through resistance Tuesday, not shorting that
-GWPH	64.30	71.00	54.00	69.50	PULLBACK
	Didn”t extend small gap up Tuesday, would short weakness
AGTK	.225	.268	.380	.215	UP/DOWN-CRASH
	Tuesday”s gap down didn”t extend, looking to buy strength
ENRT	.13	.20	.33	..16	UP/DOWN-CRASH
	Bought recovery off shallow brief low Tuesday, raised stop
ERBB	.029	.036	.050	.025	UP/DOWN-CRASH
	First upleg already played out, should absorb a pullback
NVLX	.225	.290	.450	.245	FALLING KNIFE
	Desc Triangle formed Tuesday, lowered support objective

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.

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