I would look for a retrace to 19.60 on this stock in the next couple of weeks based on the chart. The low Friday was well above support levels that could have easily been ignored if the stock was intent to head further South IMO.
Glad you could put the thread to good use and thanks for bumping it up. Those who bought below 200 ma will make bank. A few weeks lag in retrace not a problem with all the crapola fear rumors flying out of Europe the past month. Traders and investors have been less than hesitant to scoop up bargain priced stocks after plunges on fear.
Sticking to my prediction albeit no timetable. Just check the chart, speaks for itself. 19% up since pivot bottom of 3 weeks ago. Hope you scooped up some shares at 14.61 and are holding at least till 19.50...
Your original post on Nov 5th said 19.60 in a couple of weeks.
"I would look for a retrace to 19.60 on this stock in the next couple of weeks based on the chart. The low Friday was well above support levels that could have easily been ignored if the stock was intent to head further South IMO"
Well its been 4 weeks not there yet. I printed out a copy of your post, and this waste of time thread. I think I found a better use for it. Now if you will excuse me I am going to test out my theory.
Well maybe not the richest in the world but they do alright with swing trades and scalps. A scalp could be a 3 min. trade of 5000 shares of SPY to bag 20 cents 2 or 3 times in a day.
More loose change than I have to play with.
"I know quite a few people who lost their shirts waiting for their technical analyses to kick in. They're still waiting."
That's due to seeing with their minds rather than taking the charts, patterns, cycles verbatim. That and not being flexible if they don't play out. I've witnessed some incredible calls for entry points down to the penny that made me a believer. Although I'm a novice I follow some experts and it is uncanny and creepy sometimes how accurate they are with a 80 to 90% average on nailing entry and exit.
Like you, I was a nonbeliever in TA until I watched them nail huge gains based on entry prices from their alerts. Now I make some of those same plays and have watched the trading portfolio grow nicely.
Yes, we agree SGEN has a future but I'm not married to it and have a stop in place should it reach that key TA level.
Sorry, my friend. I don't buy it, not for a second.
Technical analysis is an attempt to impose scientific/mathematical order on the chaos that is known as the stock market. (You might just as well search for constellations in the sky.) TA does an excellent job of telling you what is going to happen...yesterday. Not so much tomorrow.
Among other things, it cannot account for sector moves, market upheavals, short attacks, hedgie manipulation, unexpected news and product occurrences (especially in biotech), mergers, acquisitions, partnership announcements, etc. etc.
Each to their own, so go to it, but I know quite a few people who lost their shirts waiting for their technical analyses to kick in. They're still waiting.
Redhot - suffice to say there is indeed an infinite correlation in the universe and sectors march to the same drummer. It was time for a green candle day according to TA as well.
I continue to flip other stocks for profit such as a day trade of GMCR for 6% today (not a greedy pig here). lol
Looking at beaten down solar now. TAN is at a good entry price and could have a small pop if that infinite correlation cooperates (congress, europe, etc.POMO)
AboutThat: Agreed, SGEN is doing well, all things considered. I strongly suspect, however, that today's results have less to do with 'the chart' and more to do with this:
INDIANAPOLIS (AP) -- Gilead Sciences Inc. has agreed to pay about $11 billion for drug developer Pharmasset Inc. in a huge bet on experimental hepatitis C treatments. The offer includes an 89 percent premium over the stock's latest closing price.
Redhot - What I said was there should be a bounce based on the chart unless the market crashed, well market did take a dump and even so....SGEN was in the green for awhile already today. It's an up hill climb even without all the Europe news and fearful overall sentiment of the market.
SGEN is doing fine all things considered.