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Saturday, July 09, 2016 

Good looking setups in the biotech space for next week

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ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) jumped 3.31% Friday on solid volume crossing the 20-day exponential moving average and breaking key resistance at $34.58. These signs, show high probability for continuation of the current bullish momentum in the next couple of trading days. We could see extension of this new momentum towards the 36 area. Daily technical indicators are supporting the bulls. The MACD is curling up while the RSI is moving up and above its 50% level. Plus, the accumulation/distribution line is also rising on the charts, which represents buying. On watch for continuation.

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Relypsa Inc (NASDAQ:RLYP) looks strong on charts. The stock yesterday closed above its 200-day exponential moving average of 19.74 with high volume. Its daily technical indicators are showing positive signal and its price bars are trading above the major EMA's, denoting the current positive tone may turn into a new uptrend soon. The daily MACD continues to trade in the positive zone and the A/D is also turning up which means there is more money flowing into the stock. I remain bullish on RLYP.

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Sarepta Therapeutics Inc (NASDAQ:SRPT) displayed relative strength last week and price finally broke through the 200-day EMA on decent volume. The close near its high on Friday also should bode well for the stock in the coming week too. From a technical perspective, the MACD indicator just crossed above signal and the stock is now back above all the major EMAs, giving the bulls the signal they wanted. It has momentum back on its side. I will be watching the stock on Monday, looking for a follow through move. Next major resistance lies around the 24.3/60 area.

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Clovis Oncology Inc (NASDAQ:CLVS) price action is coiling up here in anticipation of a breakout w/ directional conviction. I have highlighted a potential ascending triangle pattern, which if confirmed would project a target around $17. Also take note that on the daily time-frame the MACD has been moving up and the RSI is in the bullish zone, indicating bullishness. CLVS will move very quickly, so keep a very close eye on the stock.

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Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is starting to heat up and I would not be surprised if it hit $25 at some point next week. This bottom play has started to bounce nicely off its bottom and momentum indicators are giving a clear picture of a short-term upward bias (MACD, Slow stochastics and RSI are all rising). If the stock can break through $24.25, we should see strong volume drive the stock higher. A lot of eyes are on VRX right now so make sure this is on your radar screens.

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Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) seems to have bottomed and is ready for a decent bounce to 1.80 levels where it faces some resistance. We will have to watch the stock around those levels. If you are long, initial stoploss should be placed at 1.56 (trendline). Let's keep an eye on ARNA as i think momentum will pick up.

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The iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) also closed sharply higher last week, recovering from the weakness caused by the Brexit event that drove the index into its lowest level since February. Although the index is getting stretched, the technical indicators suggest there is more upside and the rally should continue next week targeting the next resistance levels at 285 and 289.

For this weekend, I definitely recommend everyone to try this application while it still free. If you are an individual investor and keep looking for various ways to manage your stocks smartly, it might be a good idea to download the Stockal app to discover and follow stocks. In times when most apps and websites overwhelm you with data, "Stockal" pre-analyses tons of information and gives you very simple indicators for every stock out there. These indicators tell you how a stock is likely to perform; and Stockal creates these by crunching analyst reports, news, social chatter and company revenue figures. So you get a holistic view of any stock. You can also read analyst articles, news, curated Twitter & StockTwits chatter etc - all in one place, without having to visit multiple websites or apps. Cool thing is, here's a platform where you can also link your brokerage account so that you can seamlessly place trades whenever ready. "Stockal" currently works with TD Ameritrade, Fidelity, E*Trade, Robinhood, OptionsHouse, TradeStation and a couple more brokerages. It's all just as secure as your brokerage account. Get the app here: iOS , Android They have a great IT team and management. I will definitely keep an eye on the progress of this project and will let you guys on a weekly basis the new features that they will introduce.

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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