(2020-01-22, 07:52 PM)Haugaard Wrote: I'm really liking Aphria right here. Breaking out above the neckline of a inverse head and shoulder formation and a flattening 150MA. Volume seems to be good, but not confirmed yet.
I'm concerned about the near overhead resistance and the overall negative sentiment on the sector. Both the MJ and HMMJ is trending down under it's 150 MA.
It breaks a number of the method rules at the moment, especially the heavy near term resistance and still declining 30 week MA It's also still below a declining 200 day MA. Refer to page 96 in the book on resistance and you'll note a very similar chart pattern to APHA.
So although the pattern you mentioned looks promising on a daily chart, on a weekly chart it looks less so imo. As you generally want to see a minimum of 6 months of basing in Stage 1, in order to let the resistance dissipate. So if you are looking at a daily chart then the moving average should be flattening for multiple months before the breakout and ideally have been rising for a bit. So you shouldn't see it down-sloping except at the very left edge of the daily chart. You also want to see impressive volume of at least 2x the weekly average if it breaks out, especially if it breaks out early. In which case you'd want to see much more than that for it to have the strength to move through the resistance.
I don't want to influence you if you are trading it, as it could breakout early as its a nice daily pattern. But in terms of the method it's only just starting to build a fledgling weekly Stage 1 base.
Thanks a lot for the feedback, always nice to get a second opinion. I'm not trading it, since it does not seem to have A+ potential, and i've got a lot of my equity tied up in tankers right now. Even if it breaks out, i'm worried it will get rejected at around 7.5.
- Marcus Haugaard "The Tape Tells All" - Stan Weinstein
ISA, I know I already said it and you must be tired to hear it :-) but this is very helpful. How difficult would be to graph the sector below the stock so we can easy identify both stock and sector. Thanks.
(2020-01-23, 03:19 PM)alphatech Wrote: ISA, I know I already said it and you must be tired to hear it :-) but this is very helpful. How difficult would be to graph the sector below the stock so we can easy identify both stock and sector. Thanks.
It's always nice to get positive. So thank you. I appreciate it.
I've updated the weekly and daily charts to include both the major sector and the sub sector, which appears in the top left of the chart under the volume data.
For example on the current JBLU chart you'll see - XLI:$DJUSAR
So XLI is the Industrials major sector, and DJUSAR is the Airlines sub-sector.
To find out what the sub-sector symbols are go to Industry Summary | StockCharts.com and do a search for the sub-sector symbol i.e. the one that starts with $DJ
I hope that helps. And will be clearer on most charts as the majority won't have any candles behind the information
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
For the watchlist from the Thursdays scans of the US stockmarket - AUY, BC, BCEL, CPL, IEF, IEI, MHO, NAVI, NIO, NLOK, NOVA, SEAC, SOLY, SPIP, TLT
I've been noticing multiple bonds charts breaking out of their consolidation patterns that have formed since September time, and tonight I'm highlighting multiple US Treasury charts in the watchlist as they are all showing potential to make a Stage 2 continuation attempt to new highs too. So could be some rotation occurring as stocks have been running hot for while.
And thanks to Ian Worley who highlighted NLOK to me on yesterdays Stage Analysis YouTube channel video comments, which I've included in tonights watchlist, as it's one to watch for a pullback or consolidation to form after a strong volume continuation breakout last week.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
I thought I'd post some precious metal miners. One or two London listed ones in there. Thought it made sense not to split them up and put them elsewhere.
AU, BTO, GLGDF, GOLD, LUG, POG (up 17%, bit difficult to catch), SLP and SPGP (EFT).
(2020-01-24, 12:15 AM)isatrader Wrote: I've been noticing multiple bonds charts breaking out of their consolidation patterns that have formed since September time, and tonight I'm highlighting multiple US Treasury charts in the watchlist as they are all showing potential to make a Stage 2 continuation attempt to new highs too. So could be some rotation occurring as stocks have been running hot for while.
Just as I'm nearly though rotating out of bond in my pension... I must admit I've been rotating out slowly and into equities as it looked a bit like a pullback. Perhaps there is an optimal speed to do so. However, if one jumped in one go one would forever be chopping and changing.
