cbio has been popping up multiple times on my scans playing around in my action zone between the 10ma and 30ema with 5 consecutive down days + nr7 inside day on low volume. Looks to be holding those supports quite well, triangulating and Volume has been drying up nicely. I would normally like to get in just above that inside days high but with current market timing i will wait for the breakout.
I see the same thing. It looks like a five wave run up, and correction wave might be done. On your top resistance/trend line, why did you draw it to the wick on 3/5 instead of 3/6?
wolfstreetswinger
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@jpeel001, Hi i usually do this if i believe there has been a false move up or breakout, i will go over the body of the candle or to which seems truer. In this case the latest wicks seemed to be respecting that trendline more at the time. Also i like to buy stocks before they breakout the narrow range candles and inside day suggested to me that previous move was coming to an end momentum maybe changing. Thanks for your views
jpeel001
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One more thing, do you draw trend lines on volume? What does it tell you that "volume has been drying up nicely"?
wolfstreetswinger
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@jpeel001, It can be another indication that the current move is coming to an end as fewer and fewer shares are being traded each day, which often leads to momentum burst