Whiskey,
As per your request, I am giving you my current TA on LCAV.
LCAV made an impressive move today, but one day's good price move does not make a positive trend. The short term momentum indicator gave a buy signal, but all other short term indicators, namely; stochastic, RSI, and OBV indicators do not show a developing positive trend.
Looking at the Eye Care sector stocks, I do not see the strength necessary to carry stocks in this sector very much higher. In the case of LCAV, volume has increased and does indicate accumulation in the issue. The current move could carry the price up to $2.00 and possibly $2.20, but there is significant overhead resistance at those prices which could bring in the sellers.
If my calculations are correct, this current upward price move could be establishing the left leg of a "W" (1st leg of a double bottom). Hold off buying this stock until, the right leg is formed, and the OBV indicator turns positive. Any buy positions should be considered short term as (IMO) we are in a bear market which does not support long term growth of stocks in this sector.
There are just too many negative economic reasons not to buy stocks for long term price appreciation at this time. Bear market rallies can be very impressive, but short lived.
Be patient and get rid of your debt we could be in for recession of major proportions where bills might be hard to pay.
Harry |
