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Wednesday, June 01, 2016 

Stocks to Watch for June 02

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Minerva Neurosciences Inc (NASDAQ:NERV) is one of the hottest stocks in the market right now. The stock broke out to all time highs again and the volume was strong, signaling that this move should hold. This is generally a hot buy from a technical perspective and the short-covering will continue to power the stock higher. The momentum clearly favors the bulls.

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OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) is displaying upside momentum and is poised to move higher from these levels. Let’s see whether the stock can gather enough momentum to break through 1.07 tomorrow. If the Bulls are able to push through this level, there will be another rally towards 1.30. The uptrend continuation scenario is slightly more likely at the moment. Shareholders may remain invested with a stop-loss at 91c.

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Ballard Power Systems Inc. (NASDAQ:BLDP) seems to be a promising stock to follow. Thing to watch out for this stock is its resistance at 1.56, which if broken may give the possibility of it going to as high as 1.68.

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I have followed Relypsa Inc (NASDAQ:RLYP) for while and over the last weeks I never seen so many investors purchasing the stock. The volume over the recent days has dramatically increased. There are some days when the normal avg volume is reached in the first two hours of trading, which mean someone is accumulating a huge amount of shares for the coming weeks. The On Balance volume shows exactly this situation. If it breaks above 21.10, we can run to 25 easily. Keep RLYP on your screen for Thursday’s trading session.

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Illumina, Inc. (NASDAQ:ILMN) Watch for the break of its 50-day EMA, go long when it breaks.

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Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is showing signs of of strength. The momentum indicators are giving a buy and are moving into a positive zone. The short-term outlook would remain bullish as long as the price holds above the stop-loss level of 1.69. The stock could move to the immediate target zone at 1.84-1.93

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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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