written by reader Technical analysis

By hipockets, October 26, 2014

TECHNICAL ANALYSIS OF THE FINANCIAL MARKETS was mentioned weeks ago by another Irregular as an excellent reference for technical analysis (TA). ( I apologize for not being able to give him credit, but I could not find his name by searching SGS.) I bought the book because of his recommendation and because the book has 4 1/2 stars (out of 5) on Amazon. After starting to study it, I realized that reviewing the book might be a way to say “Thank You” to the Irregulars who are teaching me so much. I hope everybody finds this useful. If you don’t, you can complain to our CEO! :)

Before I get started – Joe, I was very disappointed when I found that Marxism was never mentioned. Not once! :)

The book was written by John H. Murphy; Revised 1999; New York Institute of Finance; IBSN 0-7352-006-1. Amazon’s price for a new book is about $55. Used books, as of today’s date, are available for between $25 and $30. The book has 542 pages, 19 chapters, and 4 appendices, all of which are listed at the end of this review.

To briefly sum up this review: I am glad that I bought the book. I have started using some of the techniques, and I’m convinced that it was money well spent. However, one wishing to learn TA cannot expect to read the book once and then magically be able to read charts. There must be a willingness to study the techniques and perhaps read some of the chapters more than once. Murphy says repeatedly that that the ability of analyze charts comes only with experience. TA is not a Holy Grail for guaranteeing stock performance, but I believe it has its uses.

The first edition, published in 1986, was TECHNICAL ANALYSIS OF THE FUTURES MARKETS. Although it did not specifically talk about stocks, many of the techniques can be used for either one. This second edition, published in 1999, contains much of the information from the first one, but there is much new information and the emphasis, of course, is on stocks. The differences between TA for futures and TA for stocks are well explained.

To benefit readers new to TA, one sentence from Chapter 5, and one from Chapter 6, might have been better placed early in Chapter 1. From Chapter 5: “The analyst must face the realization that he or she is dealing with percentages and probabilities. . . .” From Chapter 6: “The treatment of all chart patterns deals of necessity with general tendencies as opposed to rigid rules”.

The Good: A lot.

>> Murphy discusses many of the popular TA techniques in easy to understand language (usually, anyway, see the comment about “Elliot Wave Theory” below). Investors with no or little knowledge of TA and wanting to learn will find it invaluable. Investors who already use TA will probably learn additional techniques and at a minimum learn some nuances and variations of the techniques that they already use. There is a plethora of easy-to-read charts illustrating the techniques (easy to read except for some “Point and Figure” charts, see below), with explanations under each chart. The text font is large and easy to read.

The Bad: Not much. A few brabbles, just to be picky:

>> I earlier stated that the charts are easy to read. An exception: some of the ”Point and Figure” charts used a small font in order to pack as much data into the chart as possible. Sometimes the font size was so small that I had to use a magnifying glass.

>> I would like to have several practice charts at the end of most chapters with the question: “What is this chart telling us, and why?”

>> I would like to have a chapter on “Risk Analysis”, but since the risk would vary according to the expertise of the chart reader, I suppose such a chapter would not be possible.

>> I would like to have some discussion about the frequency of techniques occurring, e.g., “A head and shoulders pattern occurs roughly ”X” % of the time”. I would like it, but it probably can’t be done, once again due to the expertise of the chart reader. You might recognize a head and shoulders pattern, but I might not see any pattern at all.

>> The biggest complaint that I have is that Chapter 15, “Computers and Trading Systems”, says very little about software packages for PCs, although “Trade Station” is mentioned in the Chapter and later in Appendix C. I download end-of-day data daily and update my charts manually; I was hoping to find a review of some low cost software packages that would automate the procedure.

This is not a criticism of the book, but I feel that TA often would be of little use in working with microcaps. TA uses as its basis the buying and selling actions (derived from sales price and volumes) of shareholders. My thinking: The fewer the shares, the more the actions (warranted or otherwise) of a small number of shareholders can almost instantaneously affect the price. Conversely, I think TA would be of great benefit when investing in behemoths like JNJ.

Whole chapters are devoted to the basic concepts of many of the techniques. Murphy does not dive deeply into some of the topics, since some, such as Japanese Candlesticks and Elliot Wave Theory, have had whole books written about them. He lists several resources for such topics in one of the appendices.

After explaining the basics of a technique, he frequently writes about or mentions variations of the technique. When explaining RSI, “While 9 and 14 day spans are the most common values used…..some use shorter lengths, such as 5 or 7 days, to increase volatility….[or] 21 or 58 days to smooth out the RSI signals.” Also, he frequently mentions ways to confirm a signal. Many variations of moving averages are discussed.

Chapter 1 starts with a definition: “TA is the study of market action, primarily through the use of charts, for the purpose of forecasting future price trends”. It then lists the three basic assumptions of TA:
1. Market action discounts everything.
2. Prices move in trends.
3. History repeats itself.

(I think “History can repeat itself” or “History often repeats itself ” is more likely. :) )

There is a discussion about the differences between fundamental analysis and TA. Murphy says that, in essence, the fundamentals of a stock are built into the chart. “The fundamentalist studies the cause of market movement, while the technician studies the effect.” Later in the book, he says that charts are often leading indicators of changes in fundamentals and gives a few examples.

Chapter 13, which discusses Elliot Wave analysis, is hard for me to understand, although it seems to me to be a souped-up (I checked the spelling! :) ) version of moving averages. The basic theory is well explained—price movements come in 5 advancement (up) waves and 3 correction (down) waves. Then there are 9 different levels of magnitude. Etc. There are several explanatory charts — the thing that eludes me is how to easily apply the technique to buying/selling a stock. Since I am new to charting, and since this is a complicated topic, I will wait till I master the simpler techniques before getting into this one.

Gumlandians probably will not use the concepts of time cycles (Chapter 14) unless they are long-term investors, but it’s interesting to read about them. “. . . 37 different examples of the 9.6 year cycle, including caterpillar abundance in New Jersey, coyote abundance in Canada, wheat acreage in the U.S., and cotton prices in the U.S. . . . acted in synchrony ; that is, they turned at the same time. . . .” Seasonal cycles, typical stock market cycles, and the January Barometer are some of the topics worth reading.

Chapter 18 discusses evaluating the market as a whole and why it is important. Techniques such as the Advance-Decline Line and the McClellan Oscillator are discussed, and I found the information about comparing the various market averages very educational. If the comparison is to be meaningful, there is more to it than one would think.

Chapter 19 presents a 23 item check list that can be used when thinking about buying or selling. At first, I found the checklist to be intimidating, but after re-reading it, I saw that much of it would become second nature after understanding the techniques discussed in the previous chapters.

I will close by repeating the statement that “I’m glad that I bought the book”, and saying, “ Alan, I hope you were not overloaded with complaints! ”

Here’s the Table of Contents:

Chapter 1 Philosophy of Technical Analysis
Chapter 2 Dow Theory
Chapter 3 Chart Construction
Chapter 4 Basic Concepts of Trend
Chapter 5 Major Trend Reversals

Chapter 6 Continuation Patterns
Chapter 7 Volume and Open Interest
Chapter 8 Long Term Charts
Chapter 9 Moving Averages
Chapter 10 Oscillators and Contrary Opinion

Chapter 11 Point and Figure Charting
Chapter 12 Japanese Candlesticks
Chapter 13 Elliot Wave Theory
Chapter 14 Time Cycles
Chapter 15 Computers and Trading Systems

Chapter 16 Money Management and Trading Tactics
Chapter 17 The Link Between Stocks and Futures:
Intermarket Analasis
Chapter 18 Stock Market Indicators
Chapter 19 Putting It Altogether – A Checklist

Appendix A Advanced Technical Indicators
Appendix B Market Profile
Appendix C The Essentials of Building a Trading System
Appendix D Continuous Futures Contracts
Plus Glossary, Selected Bibliography, Selected Resources, and Index.

fini

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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sandiegojp
Member
👍491

Re: $CLDN chart analysis
TSM – No trade
P/V – Higher Vol but narrower Range. Close near Low (12% off). Higher High, Low and Open. Lower Close. EMAs rising. Fast > Slow, >0, rising. MACDH >0, falling. 2FI crossed <0. Close < 12/17 Close. Position of Close indicates Sellers should remain in charge. 34EMA - 34EEMAs 12-2 o'clock, Hold. For the record, yesterday’s “call” was RIGHT. This is NOT a recommendation to BUY/SELL CLDN. Full disclosure: long CLDN.

sandiegojp
Member
👍491

Re: $CTIX chart analysis

sandiegojp
Member
👍491

Re: $CTIX chart analysis TSM – No trade P/V – Lower Vol and narrower range. Close near High (4% off). Higher High, Low, Open and Close. EMAs rising. Fast falling, Slow rising, >0, rising. MACDH >0, falling. 2FI flat at 0. Ease of downward movement but Sellers unable to hold with Buyers taking Close almost at High. Close/High at 12/17 High and near 12/17 Close. Market is displaying inability or unwillingness to move higher and experiences repeated attempts to take prices lower. Expect Buyers to remain in charge. If there is no follow-through on the upside and prices rally below… Read More »

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sandiegojp
Member
👍491

Re: $ESPR chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close near 1/2 (42% off Low). Higher High, Low, Open and Close. EMAs rising. Fast < Slow, falling, >0. MACDH <0, inching down. 2FI >0, rising. Market seemingly could not make a decision. However, position of Close would indicate that Sellers are likely to be in charge.
34EMA – Weekly/daily 34EMAs at 12-2 o’clock, Buy or Hold.
This is NOT a recommendation to BUY/SELL ESPR. Full disclosure: I no longer hold a position in ESPR though I am looking for a reentry point.

sandiegojp
Member
👍491

Re: $GILD chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close near 1/2 (42% off Low). Higher High, Low, Open and Close. EMAs rising. Fast < Slow, falling, >0. MACDH <0, inching down. 2FI >0, rising. Market seemingly could not make a decision. However, position of Close would indicate that Sellers are likely to be in charge.
34EMA – Weekly/daily 34EMAs at 12-2 o’clock, Buy or Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL GILD. Full disclosure: long GILD.

sandiegojp
Member
👍491

Re: $GILD chart analysis ERRATA
TSM – No trade
P/V – Higher Vol and narrower Range. Close near High (8% off). Higher High, Low, Open and Close. EMAs flat. Fast > Slow, <0 . Fast rising, Slow flat. MACDH >0, rising. 2FI >0, rising. Ease of upward movement with Buyers opening in a gapand Close near High. Expect Buyers to remain in charge.
34EMA – Weekly/Daily 34EMAs at 3 o’clock indicating accumulation period.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL GILD. Full disclosure: long GILD.

sandiegojp
Member
👍491

Re: $NBY chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close at Low. Lower High, Low, and Close. Higher Open. EMAs falling. Fast joined to Slow, <0, inching down. 2FI <0, falling. MACDH >0, inching up. Ease of downward movement with Sellers in control from Opening and Close at Low. Expect Sellers to remain in charge.
34EMA – 34EMAs at 4-6 o’clock, Sell or shorting opportunity.
For the record, yesterday there was no “call”.
This is NOT a recommendation to BUY/SELL NBY. Full disclosure: long NBY.

sandiegojp
Member
👍491

Re: $TLOG chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close at 1/2. Higher High, Low, Open and Close. EMAs inching up. Fast < Slow, >0, falling. MACDH <0, inching down. 2FI <0, rising. Wide range with neither Buyer nor Seller gaining the advantage. Sellers likely to be in charge.
34EMA - 34EMAs at 3 o'clock indication accumulation period.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL TLOG. Full disclosure: long TLOG.

sandiegojp
Member
👍491

Re: $XENE chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close near 1/2 (47% off). Higher High, Low, Open and Close. EMAs rising. Fast > Slow, >0, rising in parallel. MACDH >0, inching down. 2FI crossed >0. Expect Buyers to be in charge.
34EMA – 34EMAs at 3 o’clock indicating accumulation.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL XENE. Full disclosure: I no longer hold a position in XENE though I am looking for a reentry point.

sandiegojp
Member
👍491

Re: $ACHN chart analysis TSM – No trade P/V – Higher Vol but narrower Range. Close near Range middle (48% off Low). Lower High, Low, Open and Close. EMAs rising. Fast crossed > Slow, Fast rising, Slow flat, >0. MACDH crossed >0. 2FI crossed <0. 12/18 and today's Range were very similar, and closes were both near Range middle indicating that demand is somewhat balanced with supply. Today's Close is closer to Open than on 12/18, again indicating a balance between supply and demand. Expect Buyers to be in charger. However, if prices rally above today's High and then reverse… Read More »

sandiegojp
Member
👍491

Re: $ARWR chart analysis
TSM – No trade
P/V – Higher Vol (238% of 12/18 Vol and 75% above avge) and wider Range. Close near High (3% off). Higher High, Low, Open and Close. 50EMA flattening, 22EMA rising. Fast > Slow, <0, rising. MACDH >0, inching up. 2FI >0, rising. Buyers in charge all day with Close very near High. Expect Buyers to remain in charge.
34EMA – 34EMAs at 3 o’clock indicating accumulation period.
For the record, yesterday there was no “call”.
This is NOT a recommendation to BUY/SELL ARWR. Full disclosure: long ARWR.

sandiegojp
Member
👍491

Re: $CLDN chart analysis
TSM – No trade
P/V – Higher Vol but narrower Range. Close near High (19% off). Lower High, Low and Open. Higher Close. EMAs rising. Fast > Slow, >0, rising in parallel. MACDH >0, falling. 2FI >0, inching up. Ease of downward movement with Sellers unable to hold and Close nearer High. Close ? 12/18 Close, < 12/17 Close. Expect Buyers to remain in Charge. 34EMA - 34EMAs at 12-1 o'clock. Buy or Hold. For the record, yesterday’s “call” was WRONG. This is NOT a recommendation to BUY/SELL CLDN. Full disclosure: long CLDN.

sandiegojp
Member
👍491

Re: $CTIX chart analysis TSM – No trade P/V – Higher Vol but narrower Range. Close near High (14% off). Lower High, Low, Open and Close. EMAs rising. Fast falling and setting to cross < rising Slow, >0. MACDH >0, falling. 2FI flat at 0. Ease of upward movement with Close near High. Sellers failed to take 12/18 Low. Market is displaying an unwillingness/inability to take prices higher. Expect Buyers to remain in charge. 34EMA – 34EMAs at 12-2 o’clock but flattening. Hold possibly entering an accumulation period. For the record, yesterday’s “call” was WRONG. This is NOT a recommendation… Read More »

sandiegojp
Member
👍491

Re: $ESPR chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close nearer High (21% off). Higher High, Low, Open and Close. EMAs rising. Fast < Slow, <0, flat in parallel. MACDH setting to cross >0. 2FI >0, rising. Ease of upward movement. Expect Buyers to remain in charge.
34EMA – 34 EMAs 12-2 o’clock. Buy or Hold.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL ESPR. Full disclosure: long ESPR.

sandiegojp
Member
👍491

Re: $GILD chart analysis
TSM – No trade
P/V – Higher Vol (50% over 12/18) and wider Range. Close nearer High (21% off). Higher High, Low, Open and Close. EMAs came together and flat. Fast > Slow, >o, rising. Slow <0, inching up. MACDH >0, rising. 2FI >0, rising. Ease of upward movement with Close at Resistance level. Expect Buyers to remain in charge.
34EMA – 34EMAs at 3 o’clock indicating an accumulation period. Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL GILD. Full disclosure: long GILD.

sandiegojp
Member
👍491

Re: $NBY chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close ear High (20% off). Lower Open and Higher Close. EMAs falling. Fast > Slow, <0, Fast rising, Slow flat. MACDH >0, rising. 2FI >0, rising. Ease of upward movement with Buyers taking 12/18 High and Close at 12/18 High. Look for Sellers to reverse in narrow range.
34EMA – 34EMAs at 4-6 o’clock. Short.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL NBY. Full disclosure: long NBY.

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sandiegojp
Member
👍491

Re: $TLOG chart analysis
TSM – No trade
P/V – Lower Vol and narrower Range. Close near Range middle (43% off High). Lower High, Open and Close. Higher Low. 22EMA inching down, 50EMA flat. Fast < Slow, falling, >0. MACDH <0, inching down. 2FI <0, flat. Buyers couldn't take 12/18 Close. Sellers couldn't take 12/18 Low. Close near midrange. However, Buyers likely to be in charge.
34EMA - 34EMAs at 3 o'clock. Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL TLOG. Full disclosure: long TLOG.

sandiegojp
Member
👍491

Re: $XENE chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close at Low (1% off). Higher High, Low and Open. Lower Close. EMAs rising. Fast falling and setting to cross < rising Slow, >0. MACDH >0, falling. 2FI crossed <0. Ease of upward movement with Buyers unable to hold and Sellers taking Close to Low. Expect Sellers to remain in charge.
34EMA - 34 EMAs at 12-2 o'clock. Buy or Hold.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL XENE. Full disclosure: long XENE.

sandiegojp
Member
👍491

Re: $ ACHN chart analysis
TSM – No trade
P/V – Higher Vol (500% 12/19 Vol. and 575% avge. Vol) and wider Range. Higher High, Low, Open and Close. EMAs rising. Fast > Slow, rising, >0. MACDH >0, rising. 2FI >0, rising. Ease of upward movement. However, Buyers could not hold to High and Close was nearer Low. Open to Close range was narrow (20% of Range). Expect Buyers to remain in charge.
34EMA – 34EMAs at 12-2 o’clock. Hold or Buy.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL ACHN. Full disclosure: long ACHN.

sandiegojp
Member
👍491

Re: $ARWR chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close nearer High (31% off). Higher High, Low, Open and Close. 50EMA inching down. 22EMA rising. Fast setting to cross >0, > Slow, rising. MACDH >0, rising. 2FI >0, rising. Expect Buyers to remain in charge.
34EMA – 34EMAs at 3 o’clock indicating accumulation. Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL ARWR. Full disclosure: long ARWR.

sandiegojp
Member
👍491

Re: $CLDN chart analysis
TSM – No trade
P/V – Lower Vol (-82% of 12/19) but wider Range. Close near Low (8% off). Lower High, Low, Open. Lower Close. EMAs rising. Fast > Slow, >0, Fast inching down, Slow rising. MACDH >0, falling. 2FI crossed <0. Ease of downward movement. Close/Low at Support level. MACDH levels lower than previous high though prices are higher = divergence. Expect Sellers to be in charge.
34EMA - 34EMAs rising. Buy or Hold.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL CLDN. Full disclosure: long CLDN.

sandiegojp
Member
👍491

Re: $CTIX chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close nearer Low (38% off). Higher High and Open. Lower Low and Close. EMAs rising. Fast falling and crossing < Slow which is inching down, both >0. MACDH crossed <0. 2FI <0, falling. Expect Sellers to be in charge.
34EMA - 34EMAs at low 2 o'clock setting to enter 3 o'clock. Hold.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL CTIX. Full disclosure: long CTIX.

sandiegojp
Member
👍491

Re: $ESPR chart analysis
TSM – No trade
P/V – Lower Vol and narrower Range. Close nearer High (37% off). Higher High, Low, Open and Close. High at Resistance.EMAs rising. Fast inching up and setting to cross > Slow which is inching down. Both >0. MACDH setting to cross >0. 2FI >0, falling. Expect Buyers to remain in charge.
34EMA – 34EMAs at low 2 o’clock. Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL ESPR. Full disclosure: long ESPR.

sandiegojp
Member
👍491

Re: $GILD chart analysis TSM – No trade P/V – Higher Vol (250% of 12/19 and 330% of avge.) and wider Range. Close near Low (8% off). Lower High, Low, Open and Close. EMAs falling. Fast crossed < Slow, Fast falling, Slow inching down, <0. MACDH crossed <0. 2FI <0, falling. Ease of downward movement. MACDH is making a higher Low than previous Low though price is lower indicating bears are not in charge. Expect Buyers to be in charge. 34EMA - 34EMAs entering 4-6 o'clock. Short. 34EMA - 34EMAs at low 2 o'clock. Hold. For the record, yesterday’s “call”… Read More »

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sandiegojp
Member
👍491

Re: $NBY chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close nearer Low (33% off). Higher Open. Lower Close. High and Low at 12/19 levels. EMAs flat. Fast > Slow, <0, flat. MACDH >0, inching up. 2FI crossed <0. Expect Buyers to be in charge in narrow range.
34EAM - 34EMAs at high 4-6 o'clock. Short.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL NBY. Full disclosure: long NBY.

Add a Topic
899
sandiegojp
Member
👍491

Re: $TLOG chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close near Low (5% off). Higher High and Low. Lower Open and Close. 22EMA > 50EMA. 22EMA falling. 50EMA inching down. Fast < Slow, >0, falling. MACDH <0, inching down. 2FI flat <0. Expect Buyer to in charge in narrow range.
34EMA - 34EMAs at 3 o'clock. Hold.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL TLOG. Full disclosure: long TLOG.

sandiegojp
Member
👍491

Re: $XENE chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Range close to midway (49% off High). Lower High, Low, Open and Close. EMAs rising. Fast crossing < Slow. Fast and Slow inching up. MACDH crossed < 0 . 2FI <0, falling. Low at Support level. Expect Sellers to remain in charge. 34EAM - 34EMAs entering 3 o'clock. HOLD. For the record, yesterday’s “call” was RIGHT. This is NOT a recommendation to BUY/SELL XENE. Full disclosure: long XENE.

sandiegojp
Member
👍491

Re: $ACHN chart analysis TSM – No trade P/V – Lower Vol but wider Range. Close near Low (11% off). Lower High, Low, Open and Close. EMAs inching up. Fast crossed < Slow, >0, Fast falling, Slow inching down. MACDH crossed < 0. 2FI <0, falling. Low at support level. 12/22 price hit an all-time high with MACDH making a lower peak, showing lack of Bull power. MACDH made a higher Low than previous price low, but price dropped lower, indicating lack of Bear power. Expect Buyer to be in charge in narrow range. 34EMA - 34EMAs at 3 o'clock… Read More »

sandiegojp
Member
👍491

Re: $AGIO chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close nearer Low (34% off). Lower High, Low and Close. Higher Open. EMAs rising. Fast crossed < Slow, <0, Fast falling, Slow flattening. MACDH crossed <0. 2FI <0, falling. Ease of downward movement with Sellers unable to hold and Close near mid-range. Close at 22EMA. 34EMA - 34EMAs rising. Expect Sellers to remain in charge. This is NOT a recommendation to BUY/SELL AGIO. Full disclosure: long AGIO.

sandiegojp
Member
👍491

Re: $ARWR chart analysis
TSM – No trade
P/V – Lower Vol and narrower Range. Close nearer Low (41% off). Lower High, Low, and Close. Higher Open. 50EMA falling, 22EMA rising. Fast > Slow, <0, rising in parallel. MACDH >0, inching down. 2FI crossed <0. Ease of downward movement with Sellers unable to hold. Close near 12/19 Close. MACDH at even levels. Expect Buyers be in charge in narrow range.
34EMA - 34EMAs at 3 o'clock indicating consolidation. HOLD.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL ARWR. Full disclosure: I hold no position in ARWR at this time.

sandiegojp
Member
👍491

Re: $CLDN chart analysis
TSM – Potential long side setting up
P/V – Higher Vol and wider Range. Close nearer High (36% off). Lower High, Low, Open and Close. EMAs rising. Fast falling and setting to cross < Slow, Slow rising, >0, MACDH >0, falling. 2FI <0, falling. MACDH trending down. Expect Buyers to be in charge.
34EMA - 34EMAs at low 2 o'clock. Buy or Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL CLDN. Full disclosure: long CLDN.

sandiegojp
Member
👍491

Re: $CTIX chart analysis
TSM – No trade
P/V – Lower Vol and narrower Range. Close nearer High (28% off). Lower High, Low, Open and Close. EMAs rising. Fast < Slow, Fast falling, Slow flattening, >0. MACDH <0, falling. 2FI setting to cross >0. Expect Buyers to be in charge.
34EMA – 34EMAs at low 2 o’clock. Hold.
For the record, yesterday’s “call” was RIGHT.
This is NOT a recommendation to BUY/SELL CTIX. Full disclosure: I hold no position in CTIX at this time.

sandiegojp
Member
👍491

Re: $ESPR chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close nearer Low (37% off). Lower High, Low and Close. Higher Open. EMAs rising. Fast < Slow, >0, Fast and Slow inching down. MACDH <0, falling. 2FI crossed < 0 . Ease of downward movement with Sellers losing control. MACDH on uptrend. Expect Buyers to be in charge. 34EMA - 34EMAs at 2 o'clock. BUY. For the record, yesterday’s “call” was WRONG. This is NOT a recommendation to BUY/SELL ESPR. Full disclosure: I hold no position in ESPR at this time.

sandiegojp
Member
👍491

Re: $GILD chart analysis
TSM – No trade
P/V – Lower Vol but wider Range. Close near mid-range (46% off Low). Lower High, Low, Open and Close. EMAs falling. Fast < Slow, falling (with falling EMAs - strong sell signal), <0. MACDH <0, falling. 2FI <0, rising. Ease of downward movemet with Buyers nearly balancing Sellers. MACDH shows lack of Bear power. Expect Buyers to regain advantage. 34EMA - 34EMAs at 4-6 o'clock. Short. For the record, yesterday’s “call” was WRONG. This is NOT a recommendation to BUY/SELL GILD. Full disclosure: long GILD.

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sandiegojp
Member
👍491

Re: $NBY chart analysis
TSM – No trade
P/V – Higher Vol and wider Range. Close near mid-range (43% off High). Lower High, Low, Open and Close. EMAs falling. Fast > Slow, <0, flat in parallel. MACDH >0, falling. 2FI <0, falling. Expect Buyers to be in charge in narrow range.
34 EMA - 34EMAs at low 3 o'clock. Hold or Short.
For the record, yesterday’s “call” was WRONG.
This is NOT a recommendation to BUY/SELL NBY. Full disclosure: long NBY.

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sandiegojp
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