As the PPH dropped 15% below the 200sma, OBV barely moved lower compared to the drop. (Between purple vertical lines). This is considered a Bullish Divergence.
Now with a strong pullback, we are half way to reach past highs; but this time with an OBV we have not yet seen since Feb, 2018.
Ready to buy the dip!
Credit to tuparkshakur for bringing this to my attention.
Not personally entered in this trade.
But the questioned trade of June Expiry $77 Puts looks good with details mentioned.
Price is working in a channel between $73 and $100.
Current yellow Daily trend line shows price headed down. This would be my stop (yellow...
... for a 1.75 credit; delta .60/theta 3.57.
Notes: Selling the 15's with the intent to add to delta balance if necessary. Since this is shorter duration than some of my other broad market or exchange-traded fund stuff, I may go for the full 50% max, but will see how it goes. I would note that this is generally less liquid than I like to see (.20 wide markets).
BBBY (62/79) announces earnings on Wednesday after market close. Because of its size, I would go short straddle if of a nondirectional bent: the February 21st 16 is paying 3.18 at the mid (.80 at 25% max).
Pictured here, however, is a bullish assumption "Wheel of Fortune" at the money short put in the February cycle paying 1.55 (.78 at 50% max). Max...
- Onconova Therapeutics is an interesting name in the penny world. From being named "one of hedge funds favorite stocks" to "companies apparently not being long anymore", this name stands out to me a lot.
- This stock is clearly forming a bull pole bull flag pattern here. The technical measured move is around ~$0.60 or so, which gives this stock a...
XBI will be testing daily resistance $97.00. The nasdaq biotech $IBB already broke its daily resistance so can XBI follow along?
Again, dividend distribution was this week and it has an impact on the price.
However, I would still be caution because the weeky RSI is pretty extended. RSI is @ 71ish and historic pullback RSI level is around...
The biotech sector have been on absolute fire these couple of weeks. Check out the weekly chart with higher lows every candlestick.
The daily chart is getting toppy with somewhat of a double top at $96.61.
Break $94.08 this upcoming week and that will signal weekly consolidation. I will be scouting for a bearish play with LABD this upcoming...
EYPT chart is building up for another run. Potential catalyst before year end with an sNDA for Short Duration Yutiq. accumulation has been slow and steady indicating EYPT oversold conditions.
weekly chart --> Harmonic Gartley (bounced off significant support level) and been in uptrend since.
Symmetrical Triangle/ Breakout setup has been known to...
Biotech buyouts have been very strong, especially with Gene therapy stocks as of late.
Bounced off Lower end of channel
bounced off 1.618 fib extension along with important reversal leg of Elliott Wave Theory.
if price holds inside the lower end of the channel there is a potential move back up and test the gap.
looking for nice $0.40+ swing...
XBI needs to break 94.95 to break out hard. If we reject and form a 4 hour lower high compared to 94.95, WATCH OUT FOR THE 4H INVERSE HEAD AND SHOULDERS with support for 92.97 and 91.68!!!
Also watch for market correlation. If market is strong and hits ALL TIME HIGH, XBI could be in a great position to go long.
This technical analysis was conducted using the Swing•Genie Cycles swing trading indicator on a 2-day chart. It typically takes between 1 and 10 days from the time the Swing•Genie Cycles indicator prints a dot on the chart for the trend to demonstrably change. A green dot is a bullish signal, a red dot is a bearish signal. Swing trades using this system typically...
WIth Warren and Bernie fading a bit, Bio/health have jumped nicely. Too much too soon IMO, at the minimum a short term pull back is coming. I am hoping we can become more range bound in the technicals and return to cyclical trading between 78 and 87, this type of cycle is great IBB and XBI, however getting caught when it breaks down can hurt! I use XBI has my...
ABBV is currently breaking the 200sma, ending a 14 month downtrend.
On the next days I will be tracking the next tools:
OBV should trend higher to confirm this new uptrend. It still has not done that.
3 candlestick closes above the 200SMA would also be a confirmation signal.