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Saturday, April 09, 2016 

7 Setups to Watch Next Week

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GOGO has been basing for the last three weeks, recently running up from the bottom of the sideways channel near 10.36 to the top at around 11.30 in just 4 sessions. This pattern could be broken to the upside in the next couple of days. If a breakout occurs, we could easily see an acceleration of momentum and a move towards the 12.50 area. MACD and KD show buy signal as MACD is back above signal line and %K line is on top of %D line. Plus, the accumulation distribution line on the daily chart shows steady buying pressure. Based on the information of this chart, GOGO is definitely a candidate worth watching. In other words, we could see some buying come in early next week. Gogo Incorporated still has a high short interest of 16 million shares, so if it breaks and close above the 11.30 level, we could see a short squeeze and a big move up. Note: Someone bought lot of calls last week (May $13 strike).

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Yamana Gold Inc. (NYSE:AUY) on Friday jumped 30 cents, or 9%, on very heavy volume of 20.8 million shares and broke definitely out of the pennant formation which the stock has consolidated over last two months. With strong commodity prices (Gold), we could see continuation of current momentum in the stock towards the $4 area.

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Barrick Gold Corporation (NYSE:ABX) had a follow through day to the upside, as this could be the start of a possible breakout move. Volume was on the light side, but once the stock breaks out we'll see an upturn in buying. I'm keeping resistance around the 15.50 level for the breakout move. Once ABX breaks through, we should see a heavy increase in buying. On watch.

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GoPro Inc (NASDAQ:GPRO) may be ready to break. The price action has remained under its daily 50-day exponential moving average for some time, however, there are many positive divergences, which suggest a possible price reversal at these price levels. A break above $12.88 on a close basis would be bullish. Let's keep an eye on it.

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United States Steel Corporation (NYSE:X) keeps holding the major support nicely (rising 13EMA). Shares may be in a consolidation phase following a nice trend. Keep an eye for a possible breakout over $17.04.

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Sierra Wireless, Inc. (NASDAQ:SWIR) after nearly two months of consolidation in the 13-14.7 area, broke out Friday. This move confirms a potential trend reversal and the start of new momentum imho, which could move the stock towards the $15.20 area short-term.

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New Gold Inc.(NYSEMKT:NGD) broke out of a consolidation range, to make new 52-week highs. The stock hit a high of $4.19, which is resistance for Monday’s move. I still feel there is more upside in this stock and will watch it again next week. Keep a close eye on the stock for the follow through move.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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