The biotechs (LABU) after making a new short term high last week pulled back to support at around $63.00 Today it popped out of the bull flag and traded as high as $69.00. We may see biotechs lead the market higher here as the LABU looks quite strong.
ACHN: Stock made a double top today at $5.20 after breaking through lateral resistance and ending the day at $5.15. If it can break through the double top I would look to go long with $6.00 as a price target. Short ratio, 5.8 days to cover.
BZUN: Stock traded up near its recent high ($25.00) in a formation that looks like a reverse head and shoulders. It raded as high as $24.67 today closing at $24.56. If it can make it through $25.00 then $28.00 is the next price target.
CALA: A stock I have been following and writing about for some time. Today it trade up to and made a triple top at $17.90 closing at $17.60. It is at the lower edge of the up trending channel and today's pop took it out of the descending wedge formation. Through $18.00 and $21.00 and $26.00 are the price targets.
HDSN: Stock is at a 20 year high trading as high as $8.98 before closing at $8.88. I like this stock over $9.00 with $11.00 as a price target. Short ratio, 7.3 days to cover.
IMGN: Stock made a nominal new high today at $7.47 closing at $7.30. It is trading at the top of its channel so may need some further consolidation. But it is a strong chart and if it can make it through the (now) triple top I would be looking for $8.75 and $9.50 as price targets. Short ratio, 5.2 days to cover.
Thanks Bob, quick question though. On $ACHN, how did you determine $6 as a price target and not $5.50? The $5.50'ish range is where support was found before in the past. Just working to better understand the nature of the stock market beast. Thanks for your time.
Stocks tend to fill the gap and $6.00 was the gap price. It could run into trouble at $5.50 as well. Price action will be the determining factor.
Oh ok, thanks for the clarification.
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