I bought at $8, and she couldn't stomach the drop down towards $5, she bailed.
I normally trade short term, but decided MNKD was a long term hold type investment so was ok with a temporary loss.
too bad she sold.
well good luck people !
Too bad I was not on screen that day, that is a major reversal signal. Not only in the candle formation itself "hammer" but more so because of the massive volume. That is truly the signal here. That massive volume indicates many sellers, "exhaustive selling" meaning all the sellers got taken out after a long slide down ward. AFTER a long slide downward. The FINAL GASP of selling. All those shares were bought up by somebody, and or, many shorts covered ! Either way, the hammer formation after a long slide down with massive volume means just one thing, a snap back rebound to the upside.
However, for continued upside, Longs need to see growing volume, Not weaker volume.
I just love this stock, very tradable.
worthless for those who cant translate the pattern and the volume into a very clear story line. If you really want to give yourself a fighting chance trading stocks. Id go online and pick up a few technical analysis books. chart reading.
IBD Bill Oneill is pretty much the God of T/A. Take a peek at IBD.
Japanese candle stick charts is another great book.
Bottom line in chart reading, is the measure of "psychology" of the buyers and the sellers, and the snap shot of when one side over powers the other side and creates a reversal in direction, or a continuation of the direction.
When you realize its psychology, the chart becomes clear, the story becomes clear.
The story of SSYS and the Feb 3rd candle stick is a story that started many months prior.
What makes that candle so significant, is the formation. and the volume.
AFTER, this is the key word here, AFTER the stock fell for many months slowly. down to where it was on FEB 3RD. AFTER it fell that much over that amount of time, you see a huge volume spike, THAT VOLUME SPIKE, was the sellers finally giving up, the last hold outs over that entire time that it was dropping for many months finally gave up completely.
But you will notice on that day Feb 3rd, that the stock opened at $57 and closed just above that opening price, BUT during that same day, it dipped down as low as $51, and reversed back up. THIS REVERSAL during that day, AFTER many months of falling, WITH HUGE VOLUME, created the "HAMMER" CANDLE.
This, is the story, this is the translation, this is the psychology. AND this is why the stock has continued to rise UP, immediately after this huge drop from $80 to $51.
You must take the entire picture of the chart, to understand HOW TO READ IT.
You can go back even further in time, and you will see that the stock topped out a few years ago around $130, and it was never able to break above that price. The psychology created a ceiling of fear that would not allow it to go any higher. Pure psychology.
One thing I will add here is that not all stock charts, tell a clear story. Especially since most stocks are computer driven, High frequency trading and Algos. Those are programmed by humans, and they can create false flag break outs or failures. It has changed the game of chart reading. So I tend to stay very short term, and I tend to target stocks that have a chart I can make sense of. I leave my ego out of it, If I cant read it that's ok, the market has thousands of stocks and charts, there are very easy low hanging fruit out there to pick from. So I don't rack my brain over things I just don't get. because there are so many easy to read stock charts with very clear patterns.
another thing with that Feb 3rd drop was that anybody who was short, probably covered, and may have flipped long, which by itself would cause the stock to rise, the clue is in the volume and the intraday reversal
does anybody remember the two years of complete bashing from these CNBC jerks?
Those people just drove down the price so their friends could load up cheap.
Now they are all pumping Apple on CNBC everyday !
two years ago every hour was spent bashing Apple on air. 24/7
That's hard to say. Only because the easy money move has already taken place. Now risk rises the higher up from the hammer on Feb 3rd.
I think the upside for now is limited But the direction is still up for now. And again I repeat. I'm looking for NO brainer trades. At this moment in time. This has become a harder trade to make because the easy trade is done.
Take a look at FSLR.
I see that as a fantastic trade for the mid term. 6-12 months out.
Sure the easy money from the bottom is done.
However unlike SSYS. The earnings growth for FSLR coupled with the chart and great entry price. Give FSLR a superior trading opportunity for those that don't like to baby sit there position.
I am so skittish. I shoor and reload. I want my profits where they belong. Taken And in my pocket ASAP.
Is another pick. Break out on solid volume. Great uptrend. Great fundamentals. Together that's a powerful combo.
But. The higher float might cap that move to around $130 for now.
Profits will get taken on that one. But wow what a powerhouse of a company and stock.
I am on my phone. So I can also take a look at the moving averages on my desk top later. Those will present resistance as the stock climbs. Your getting some nice follow thru today. Today's close near the days highs SHOULD give you more upside into end of the week. Friday shorts SHOULD cover going into the weekend.
I'd look at options open interest to see if Calls are being bought and which strikes and months for clues. Some serious volume will support and confirm the TREND reversal.
a reversal is temporary a trend reversal is cemented in. Volume helps.
Because the news was already baked into the price. The stock had fallen from over $100. Was probably heavily shorted. The huge gap down gave shorts a great trade. Satisfied they covered some and flipped long. And are now covering the rest remaining shorts to give their long shares a boost néw buyers think the news can't get any worse so they want in before things improve.
that's my guess.
painting the tape so anybody looking at a chart tonight will not see the great close.
My charts don't show that dip after hours, in fact the last buy I show is at $66.00 after hours.
Looking at up coming resistance, $67 looks like the place this could stall. Which is the 10sma line. But more so resistance at $70 should be strong. $70 is where the 20EMA line is, AND $70 is where the stock dipped down to back in Jan 15th. That dip to $70 on that date should create resistance. That being said. I think we stall very soon and $67 then $70 present a challenge worth selling into. short term.
Ill go 100% penetration level for Lee, she deserves as much for being such an Apple basher two years ago.
Your right. I made a lot of money buying the banks at the very bottom. And sold for 500 % gain months later.
a factor I didn't calculate is the 10sma, it comes down as the stock price remains below $67 where the 10sma appeared to be yesterday. Today it appears to be some where lower low $66 range is my guess. either way it does look like it is creating a stall in the upward move.