RE: Prepare for the next bull run!!!Forecasting for the next week is a
cr@p shoot, but for fun and profit, counting today we have had a bottom churn closing over the 20 day average 11 straight days in a row. Lots of buying coming in from the side lines showing on level II late in the week and this actually was quite a strong finish if you discount the the Friday loose hand sell off.
Volume was over both the 120 & 150 day average.
I really like that spike pop we had yesterday... put a crick in my neck.
A move like that demonstrates a short term shortage in the supply overhang that will be an invisible gap with no sellers to speak of, hiding in that particular range, if you catch my drift. Could offer a bit of contraire support.
It should take a really concentrated panic to bust through back under to the downside and if this churn keeps up, as it is relative to the most recent low, we have a darn good chance to drift up and go radical for a bit on the heels of a continued short squeeze and that is what is the under belly of the sideline movement coming in IMOP.
I think I see what I would call some inexperienced bears who are misreading (blind bears) the squeeze and they are shorting into it, which is a dangerous thing to do.
Plus the price is right for a bull, I mean, what a deal for one the best producing prospects on the market. No pie in the sky here.
The Financials are over with and pretty decent, so the volitility that we could have seen from that was pretty well non existent except for the dip and recover yesterday. Those that would jump over the candle stick have done so.
Everything is pretty well factored in and the market is deadened to the bleak global news... Bottom picking is alive and well.
One of the ways a stock powers out of a bottom is to gap on the following open or at least hold the close, should be a good sign the shorts are squeezed if we get an open over 1.92... on monday
This renko chart is one I like to use for leading regular charts when bottom picking, gotta admit if you look it over, shows in this case, based on past performance, two targets that stand out off that white candle (brick) poking it's nose out of the hole LOL
One target just over 3.50 and the other on a good spike at about 4.50... 2.50 seams like a slam dunk from here.
At the very least, we have room to move up one more white candle(brick) $ 2.50
When you trend the price & compare the indicators, this is one of the best looking strategic points of entry all things considered before the crowd figures it out ... Good luck.
