Charts Busted
Lots of charts are getting busted by the decline in commodities and gold today. This one looked good a few days ago, now it lost support. Will have to wait and see if it's a fakeout or not, but the dollar and bonds suggest this could be a start rather than an end. I expect gold will outperform commodities though, no matter which direction gold moves.
Paratek Follow-Up
It popped and then pulled back. Looking at the $8.75 level for support, yellow horizontal. If lower, than support at $7.50 and it's going to be a much longer consolidation coming. Still like it long-term, but the prospect of a breakout run is gone.
More Based Nickel
Both of these were mentioned by Far East Capital. Both look like they will double if they can start and sustain a breakout. Both are working on nickel discoveries. I don't own either of them at the moment.
i do have direct or indirect exposure to these nickel stocks:
BTC Bitcoin to Zero
BTC Bitcoin has a chart that looks like the inverse of gold, silver, platinum and uranium miners these days. It is sporting a head-and-shoulders pattern. First support is around $20k. I think $1k is a possible target in a bad bear market similar to the doctom bust 20 years ago. The pattern itself generates a target of zero, technically below zero. A mirrored decline of the run-up would take BTC to zero around late October or November. That is solely a chart read. As a trade, I would be long gone on a BTC short before then, I'd probably exit around $10k if I took a short position here. I don't touch it though. As I've laid before, my crypto bet is on a different Bitcoin blockchain, BSV.
Paratek Has Based
Paratek is a stock I found while looking for pure plays on reshoring of U.S. drug manufacturing. I was looking for companies making precursors for drugs and in my search, I came across this company that manufactures antibiotics domestically. I bought it simply for the story and a nice chart, and it turned into a great investment thus far. They were working on a new antibiotics for community-acquired bacterial pneumonia and acute baceterial skin infections. The FDA recently approved its new antibiotic NUZYRA for oral dosing. After $10 per share falls, the next major resistance is around $13, the downward sloping long-term resistance (blue).
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