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Saturday, June 04, 2016 

Stock to watch for next week

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Lets take a look at Relypsa Inc (NASDAQ:RLYP) activity in the light of the recent successive price increases. Looking at the daily technical chart above, we can see that the stock is positively reacting to the recent events. The good side of this stock technically is that the MACD is still rising above the zero line and the RSI is above its 50% level, so this stock is still bullish for now even if it is still consolidating. As long as the price trades above the $18 level, there is no threat for any sharp fall in the near-term. Immediate resistance is around the 21.30 area. A strong break above this hurdle can take the contract higher to the next targets of 23 and 25.6. Options traders continue to bet on more gains. Hope next week we see breakout.

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ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) looking strong. With more than 25% of the float short, the stock should continue to move higher, despite the fact that it has already enjoyed strong gains. Keep an eye for a possible breakout over 36.88. The rumors about an acquisition are circulating again.

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Ocean Power Technologies Inc (NASDAQ:OPTT) has been pulling back on low volume after massive one day rally on Wednesday. As you can see from the 30m chart above, in this corrective phase the stock has found a strong support on its rising 50-day EMA on multiple occasions (yellow line), forming a nice base. With MACD showing signs to enter the positive territory (positive divergence) beyond the centreline, a firm break of $4.08 on the upside would take the stock to the next immediate resistance at $5. A lot of people have shorted this stock over the past 2 sessions (A/D chart still showing accumulation) so we could see shorts pushing OPTT higher.

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Put FORM Holdings Corp. Common Stock (NASDAQ:FH) on your agenda next week. The rally into the green late Friday afternoon, tells me that buyers are aware of the potential of this stock on positive news that could come at any time. The company has just under 14M shares in the public float and it could have an impact on upward pricing. OPTT rally last week should be considered as a serious warning for shorts. From a technical standpoint, MACD continues to make higher lows (Positive divergence). This is a clear sign that the bulls are slowly starting to gain momentum over the bears. A trend reversal looks imminent.

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Can Fite Biopharma Ltd (NYSEMKT:CANF) price had a nice surge a few weeks ago and has been in a correction mode. The stock is now displaying upside momentum and is poised to move higher from these levels. Nearest resistance for the stock is at $3.10. If this level is crossed and the stock is able to sustain above this level, then it might go to $3.59. Keep an eye on CANF next week.

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Whiting Petroleum Corp (NYSE:WLL) is another stock I am watching closely. On the chart above, we can see that the stock is currently trading within an ascending triangle formation and needs to break 13.2 on higher volume to really start moving. Despite recent pullback, the daily RSI remains above 60 levels and may support the bullish argument. Additionally, the MACD still show the stock is on the positive swing. On watch.

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Shares of Lion Biotechnologies Inc (NASDAQ:LBIO) soared 43.45% or 28 cents to $8.65 per share on heavy trading volume Friday after announcing a new CEO and raising about $100M in a private offering. It broke out of a major resistance area around 8.40's and it will be very bullish if it can continue to rally next week. Friday's high is immediate resistance on the upside for another fast short squeeze.

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The stock price of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has recovered smartly since the low of 1.48. It is currently in a short-term uptrend and may move up to 2/2.05 on volume trading. Technical indicators are bullish.

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Rambus Inc. (NASDAQ:RMBS) stock seems to have broken out of an inverted Head and SHoulder pattern formation last week. Can get interesting. Keep close eye on this one for a major rally to the upside. Stop 11.72



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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 43 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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