Tempted by INGN. Market seems to be assuming the worst about PIII H/N accrual. Zeta, Bernard, any thoughts on bottom fishing here?
As previously discussed with Zeta, I sold my INGN position, and have been waiting for a possible re-entry point, but at present I still don't like the general market and it seems INGN will need some base forming before trying to get off its present down-trend.
If you look at its daily chart, you may see that the S average crossed over the M average on March 12. (at that time the PSML data was:P=8.85 S=9.02 M=9.00 L=8.93)On the previous day (Mar.11) although the Price was already below the S average, that was still over the M.(Data was P=8.96 S=9.11 M=9.03 L=8.83)
At that time the L average was still below the S & M averages. (As I mentioned, when a stock is on an UPTREND the proper sequence is PSML <g>) Subject 31891
Since March 12 INGN has not been able to start an UPTREND (as defined.<g>)If you look at it on IQ charts and have IQ Zone active, you may note that the price bars have remained red,and in each rally attempt the H remained below the previous H.(H of 9.48 on Mar.30 was < H of 10.02 on Mar.4 and the H 9.20 on Apr.26 was below Mar.30 and the double-top at the 7.39 level on May.26-May.27 was below the Apr.26 H etc.)
At present the PSML data on INGN is: P=3.36 S=3.80 M=4.32 and L=5.60 (All in the wrong sequence.<g>)Also others indicators remain negative, including Parabolic Star, Balance of Power, Money Flow, Time segmented Volume, and Linear Regression, (To mention just a few.)I don't usually look into those as I try to keep things simple.<g>
As you mentioned, INGN looks tempting, but I would rather wait until its technical picture and the market in general look better than at present.( I try to keep myself remembering Warren Bufett's advise on the market: "The main thing is not to loose any money" and Jesse's "It doesn't pay a man to be wrong.")
bigcharts.marketwatch.com
Because I don't consider the present market conditions as near term favorable, I have not been watching things closely.
RAGL
Bernard |
