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Saturday, April 02, 2016 

Technical Setups for the Week 04/04-04/08

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Oramed Pharmaceuticals, Inc. (NASDAQ:ORMP) is one of those bottomed out stocks that appears to have finally started climbing out of the basement. The stock has printed a bullish engulfing candlestick pattern on Friday, breaking also a symmetrical triangle formation. May be this is the right time to see a more significant rebound. Volume starts to pick up (4x average). It has more room to run, so I'll be watching it on Monday and will be buying more shares once it breaks Friday’s high of $7.38. Plus, the very unusual call buying (May $10) was also interesting to see. I think we might get big news very soon. Based on the 52 week technical daily chart, the MACD indicator is now going up showing a positive swing.

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After nearly a month of consolidating sideways shares of Dollar General Corp. (NYSE:DG) broke out higher past resistance Friday and closed at a new high for the year. This is a short-term bullish development. The high on Friday was $87.42. I will be a buyer on any real weakness and will use Friday’s high as resistance, but there is a good chance it will gap above this level on Monday. Watch DG closely next week.

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NVIDIA Corporation (NASDAQ:NVDA) After a long rally that brought prices from the February low of $24.66 to Wednesday highs of $36.25, the stock has gained nearly 45 percent. Can we open long positions now? Aggressive traders may open long positions and I really like the daily technical chart but at this level I would wait for a pull back before putting any cash to work. On the technical side, the stock is overbought on RSI and stretched. Play with tight stops.

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Cardiovascular Systems Inc (NASDAQ:CSII) is breaking higher out of a consolidation channel between $9 and $10.5 that it has been in for about 4 weeks. With no resistance until the $15 level, the stock has room to move. The bias is bullish in nearest term.

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ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) is slowly recovering. The7.75/8 area is a critical resistance region that can determine overall bias for the stock in short-term. If ZIOP can manage a breakout above this psychological resistance line on high volume, it would be a great buying opportunity, but only on a breakout. The Money Flow Index indicator is showing that there is more money flowing into a security that out of the security. You want to watch the stock closely as ZIOP can move quickly and you want to be ready for this move once it happens.

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CorMedix Inc. (NYSEMKT:CRMD) had a huge breakout day on Friday and finally closed above the key $3 resistance level. The breakout was on heavy volume. The next key resistance levels are located at $3.5 and $3.75. Keep an eye on these levels!

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Plug Power Inc (NASDAQ:PLUG) looks like the stock wants to make an upside move. If Tuesday’s move was the start, I want to be buyer once it breaks through resistance highs of $2.14. The price action appears to be cautiously bullish and I would need to see more momentum to be more confident that a turn has taken place. There looks to be good upside in PLUG, so keep it on your radar the next few sessions.

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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.

Thanks for visiting AC Investor Blog.

AC

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  • I'm a 41 year old Independent Trader using proprietary technical analysis with more than 18 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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