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Author Topic: MELA - Stock spike last week. Breakout Continuation Tomorrow IMO.
Trader273933
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MELA - Stock spiked last week big and then came down and consolidated for a few days. Today it spike again back to highs. The market sold off hard mid day and took the stock down some but MELA finished in the green which is a sign that it could try to go tomorrow otherwise it would have just closed red today. It should attempt to breakout tomorrow at the open. This one trades well off the open and then doesn't do much mid day. I am hoping for $4.00+ tomorrow. Other small pharms like AEN have been hot so this should breakout soon. I think today was the test day. They take it to the highs and suck lots of people, then they drop it to take out stops and then it breakouts on the third attempt. This is how typical breakouts work now a days with all the program trading to fool people.
Posts: 35 | From: Florida | Registered: Jan 2011  |  IP: Logged | Report this post to a Moderator
BooDog
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MELA looks a little rough with the divergence turning down, but as you mentioned it could just be a shakeout. Watching. Good luck!

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7754 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
   

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