SNKI ran up because of a "This Weeks Pick" pick. I only know this because I too thought it was a fundamentally undervalued company and held and held and finally sold at 7/8 and then it shot up to 1 1/2 (as usual for me).
There was no buying pressure, the month before it ran up.
In fact, there was selling pressure. Since it ran up, the
chart I use, shows a lot of buying pressure. I don't
usually see buying pressure stay, on an artificial run up.
But regardless of a stock being someone's pick, as for it
running up, some consolidate and move higher. With SNKI,
the Money Stream indicator isn't quite following the price,
but has trended in a more horizontal direction, while the
price has trended down. To me, the chart looks promising.
BOP buying pressure, a slight diverge on the Money Stream,
OBV above its MA. Those three indicators usually make me
money. There are exceptions, but more than not, most of
the time it works in my favor. I took a chance....
Thanks for your input. Do your own DD and happy trading.
PS. I know all too well about holding and holding, then
seeing the stock run up just after I sell. This is one of
the reasons I started reading charts and making my own
picks. It has really helped me. I still make the same
mistake, but not nearly as much. I also have more
confedence in buying stocks too. |
