So. ATTBF is testing my
So. ATTBF is testing my longstanding target, and showing it the same respect that was paid to my longstanding FITX target. In short, not much. Let me take a moment to repeat the past month”s advice: Don”t bottom-fish this sector yet. I would buy strength where it develops, like bouncing above a prior high. But fresh lows can be very dangerous right now.
Following is a compilation of my posts including answers to stock chart analysis requests on the Activity Feed”s previous thread. Post questions to this new thread about any last-minute positioning guidance ahead of the weekend. Enjoy!
NBS — Testing long-term support at or around $5, and wouldn”t be surprised at this leg extending to 4.33
TKMR — Yesterday”s bounce off the lows is being followed by this morning”s gap up. It”s still premature to pronounce this being a bottom, let alone that momentum is reversing up, but the action is identifying a bottoming area.
CELG — No new price action has affected the pattern or its parameters
CLR — 49.77 was a big support level to test intraday and to close back above. Today”s follow-through is bullish if not rejected by the close.
FXI — Needs to hold 38.55 as support to maintain the current recovery attempt. The attempt is coming from a Symmetrical Triangle, a pattern that tends initially to break falsely in one direction before reversing more substantially in the opposite direction. So, too deep of a pullback would simply resume the decline
BTU volume seems fine. PBR trying to bottom. Even RIG looks compelling, despite its pre-open reaction down
FITX — I”m adjusting support in this weekend”s The Universe to zero.
MCIG — Two bullish developments at its low (fulfilling the decline”s .17 and reacting up immediately) and that first upleg”s correction (holding .18-.19), now need a third (closing above .28). It wold be helpful for pullbacks to hold .22 meanwhile
TCS — This is not a bottoming pattern
INVN — I would assume tax loss selling pressure this time of year are a contributing factor, but wouldn”t think that”s all of it. In any case, that”s not a bottoming pattern
ATTBF — Still not buying weakness in this sector at this time. I”ll certainly be interested in price action that develops from the longstanding .17 target”s test. Anyone wanting to “take a stab” at catching a falling knife might use that .17 info as guidance. For further guidance, refer to the price action that followed FITX reaching my longstanding .02 target