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Recent strong performances from some – If, Then… Market Timing

Recent strong performances from some

By Rod David | September 30, 2014 - 3:42 pm

Recent strong performances from some ongoing decliners appears to have run out this leg upon testing and retesting resistance. TRTC, ATTBF, TAUG, MCIG would need to attract a new round of buying after tomorrow morning to avoid a multi-session retracement. None of which is bearish — corrections can be bullish.

Meanwhile, yesterday”s “oversold bounce poster children” have largely retraced, but not actually collapsed. Following are several observations posted to the last thread:

MCIG — Attacking the Falling Knife setup”s .25 target to within a half-cent. Remember, the pattern is a temporary bounce, not a durable bottom.
VAPE — Immediately surging after yesterday”s comments wouldn”t be encouraging if volume weren”t also expanding substantially. Closing above 2.05 would be optimal today, required tomorrow, or else another corrective dip would be likely.
GWPH — The reaction down from attacking the 87 resistance yesterday has fallen to fresh lows attacking 80. The new bounce limit is 84.40 to maintain the 75-77 objective.

Posted in Bigger Picture