On NANO,
Well, if one is lucky and catches a bounce, or one is very hopeful or very nimble and one wishes to see what one wishes to see . . .
Maybe.
I don't think NANO bottoms here, I think it goes sub $1 and you've got all of October and November to watch it happen. Look at the sticks, all squat little fat sticks which can go on forever in the direction of the trend. The trend is down, TA says it will continue for a while. TA says what's the rush? To me, trying to catch a bottom in a bear market selloff is a low probability proposition.
Examine the volume bars. Over the last 45 trading days or so, 1) 31 are down days (red) and only 14 are up days 2) 6 of the 8 biggest bars are down. People want out of this stock and they're willing to be patient and sell it off.
Here's the gallery. That's one mean looking PnF chart. Anyone looking for a bottom won't find it there:
stockcharts.com
If you want to buy the bottom on NANO, and not just the first of several descending bottoms, you go first. I'll wait for something that says "buy me, all the sellers are gone." My view is that will be sub $1, and then the fur will really fly.
Patiently,
Kb |
