Alok asked me to take a look at Nanogen (NASDAQ: NGEN) for a possible buy this week. I did, and commented to him that I thought it might be a bit early yet. I've posted an annotated chart, and I hope it's not too "busy" for folks to understand my arguments here. I think NGEN is too early for a trustworthy entry at this point, having only recently pierced that first (blue) resistance line at $1.77, and on so-so volume. The good news is that there was heavier volume preceding that resistance break (which shot the stock to the resistance line, but not through, you'll note), and there may be more to come. But with another large amount of noise at the $1.90 level-- as shown by the green box in my chart above, I would hold off, discretion being the better part of valor and all that.
This is not to say NGEN cannot be a profitable play in the very near future, or even that it may not blow past all that resistance at 9:31 tomorrow morning. I'm just attempting to encapsulate some of the advice I've gleaned from traders far more experienced than me -- that it's always the better odds move to wait on confirmation for even the surest positions. Good luck this week, people.
11 comments:
Jake, nice chart, thanks for the feedback. I've added it to my watchlist, this is a very unpredictable stock, I dont think its worth looking at for a long term perspective as its a total momentum play. the only reason it caught my eye was because its sitting on the 200dma. I'll be watching it a little closer.
Jake....
ZION...closed Friday...right on it’s 38%..fib....line..after a mixed earnings report......sure wish I had some input.....as the stock...vaulted in to hypersphere...today....
And now...COF???...what’s entry...fib???price......COF......
.and... NYX...and CAL... and AMR....back in play...nearly at their buy prices....see my post for details...
zee....
more airline money..coming.....airlines sure have been sweet this year......
Nice call on CAL and AMR, Zee, but I'll wait on that Beannie bust NYX until it gets done gettin' done.
Hey Jake (lol, while typing you name a typed Joke by mistake, not too far from you nature)
ONN did well today, got out again :), maybe too soon, maybe not, will look to reenter.
Jake...hahaha...I saw your message in my meebo inbox..don’t worry...though...as I am the only one has access to my meebo account....so no else saw it........
alok..drnova..and me ...all signed on to Meebo.....meebo.com..and got our own accounts......alok and doc...have yahoo...IM...too....and said i should download yahoo...IM...soon...
anyway...we can get 3 or 5 or 10 ....people in at the same time....exactly like beannies.....except....it’s live!!!!!!
So ...if you get some free time.....you should go to meebo.com.and open an account.......
and then in my meebo box at my blog......type in your google email address or yahoo...email address.....and ....when you are all set up on meebo......alok or I will take you on a test run...
by the way....when you type in your email address....at meebo’s box...on my site.....I’m the only will be able to see it.....as meebo....erases it after...you leave the blog site....but then...meebo stores it in .............my meebo in box....
Zee....
Zee, I'll look into the Meebo thing.
And Zee, I gotta ask... what's up with the ellipsis thing?
jake...meebo cut off, daytime meebo is pretty unreliable. anyway my gmail is (zstock1). if you want to add me.
zee
there we go. I did it, and with only one ellipse. Think, I’ll stop doing ellipses on my blog too.
Hey jake, i figured out how to draw circles and arrows on my charts last night by accident. So now i can point to the area of the chart that interests me.
Ellipsis (plural ellipses; from Greek ἔλλειψις 'omission') in linguistics refers to any omitted part of speech that is understood; i.e. the omission is ...
Shoot, Zee, I know what they are... that's why I was always trying to figure out if you were leaving things "unsaid."
Y'know?
I'll email ya.
Jake, question for you, i think you tried that dude TTTT, is his membership worth the 75 bucks that he charges? does he have anything worth reading on his blog?
I tried to email him, Alok, and never heard back from him.
I wouldn't give him a dime w.out some kind of prospectus... could be a scammer.
he most certainly knows how to advertize his blog. other people shut him up good. hahaha
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