Re: Under normal circumstances....
in response to
by
posted on
May 13, 2017 10:05PM
Hartland...you and I are starting to agree on too many things lately, I'm almost finding it necessary to find a points of contention so that I can differ from your opinions at least a little.
I agree with your opinion of a definitive move above $2.30 or $2.40 being needed, but I don't know how many momo type players would jump in at that point....I have set $2.40 as The Rubicon myself, I do think we need to move past that point because, in my opinion, it represents a technical resistance point.
There's a guy on Twitter with the handle Clay Trader: https://twitter.com/ClayTrader25 he has around 15,000 followers there and 60K+ followers on his YouTube channel. He puts out short little videos about stocks, one at a time...and typically what he does is annoate the chart, drawing lines of support and resistance.
Here's one he did on PPHM, I don't think he's ever done one on RVX: https://www.youtube.com/watch?v=_TcVpjSqQfA
That's just to give you a taste of the kind of analysis this guy does, and its very common.
When I look at RVX.TO's chart for 2017 I see the PPS getting up in and around $2.40 four or five times and then getting beaten back down. Conversely I see the support level YTD kicking in around the $1.80 to $1.85 area....Hopefully we will see a move back above the 50 DMA which sits at $2.14 currently, and then take another run at that $2.40 resistance. Who knows, maybe $2.40 will turn from resistance to support.
FWIW, I do have my suspcisions about this Clay Trader guy.....I think the info he gives out, that its pretty solid, but the question I have is.....why or how does he decide to profile certain stocks. There are litterally thousands of stocks trading in the US....and my suspicion is that there are some industry type players, who when they need more volume to move into a particular stock...that this Clay (among many others) are tipped off...it could be Hedge Funds or possibly even MMs themselves imo.
Anyway another day of rest and relaxation and then the fun begins again.