Market moved very slow today without much stocks moving except the medical sector like Clearbridge, Biolidics and maybe another penny stock like Ying Li which moved super once in a blue moon? Well, I decided to visit these penny stocks to see what they have in the chart and I posit my attention to Biolidics since it had been moving up quite a lot lately. The Top 30 Volume had been very boring and stocks were slow in moving.
From daily chart, there was a gap up which signal the start of an uprise and soon it ran up too fast to meet the sellers and started to cool off a little. However, there wasn't any profit taking and every down is an opportunity to buy or add positions. The buyers then came back and in the 5 minute chart, the collections was so long that I knew the stock was about to breakout big time. There was a floor in the 5 minute chart but the stock did not even attempt to touch the floor twice and rallied off from there. As it trended higher, it suffered another selling and went into the collection mode again which soon prices started to jerk higher again. As of now, I think it's wise to lock in profits as the stock might have hit a supply area which short term selling might be happening. Congrats to those who went long on the stock. :)
Ronald K - Market Psychologist - A Stock Market Opportunist
