AVEO: After a big move up at the end of June the stock traded up to $3,25. Over the last month it has been consolidating and on Monday broke out of the wedge formation. Today it had an engulfing day trading as high as $2.89 and closing at $2.85. The stock looks like it is going to retest the $3.25 zone, $3.50 and then $4.00.
ERI: Big move on the stock today as it popped out of the bull flag formation. It traded up to resistance at $22.15 closing at $21.95. I would look to go long over today's high with $25.00 as the target. Short ratio, 10.5 days to cover could add momentum to the trade.
HTZ: It looks like something is up with Hertz. After coming down from $100 to a low of $9 back in June it has recovered some. It has a triple top at $18.00 where it hit today and backed off to $17.57. If it can get through $18.00 with conviction then $25.00 is the target. Short ratio, 3.4 days to cover.
MYGN: Stock got hammered at the opening taking down to the up trending channel line and then it ripped higher trading as high as $28.18 closing near the top of its range at $27.98. I would look to go long over today's high with a price target of $29.00 and $32.00. Short ratio, a whopping 20.6 days to cover. If the momentum continues this stock could really rip.
OMER: Stock popped up sharply today breaking through lateral resistance at $23.50. It traded as high as $24.94 before closing at $24.90. I would look to go long over today's high with $27.00 and $30.00 as price targets. Short ratio 5.2 days to cover.
Thanks for the regular watchlists Bob! What books would you suggest for wedge patterns? (and in general that have improved your trading)
I don't really know any good books off the top of my head. I learnt the patterns from Tim's videos and experience.
Thanks, interesting to know
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