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Saturday, July 23, 2016 

Here are 7 Stocks to Keep An Eye On

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Chesapeake Energy Corporation (NYSE:CHK) finally broke out of a large base formation last week and closed on Friday just slightly below a key resistance level at 5.69 (200-day EMA). A break of this level in the next couple of days could lead the stock towards the 6.50 area. Daily technical indicators are in bullish zones and showing upward momentum.

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Adverum Biotechnologies Inc (NASDAQ:ADVM) is one stock that has sold off the past few weeks, but Friday’s move could be the start of a turnaround. On the daily technical chart, we can see a few technical signals suggesting that a swing higher may be in the cards in the short-term. First, the MACD is displaying a positive divergence. At the same time, we see that the daily stochastics are showing positive momentum from oversold levels (%K line has just rose on top of %D line), which should reinforce a move higher if near-term resistance at $3.26 is taken out. Finally, the relative strength index (RSI) is starting to bounce back from oversold territory. The company currently has 247.1 million in cash and is trading on a market cap of 87M. Bargain hunters should find this stock on Monday. ADVM will move very quickly, so keep a very close eye on the stock.

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I have been watching VirnetX Holding Corporation (NYSEMKT:VHC) over the past few days, waiting for a possible upside move. On Friday's session, we have seen high volume at the bottom, which was probably buying activity. The bulls hardly tried to close above the 100-day and 200-day EMAs, but did not succeed. However, the daily technical indicators are improving significantly. The RSI value is increasing and the MACD indicator just made a bullish crossover. I'm using $4.51 as resistance for this upside move. If the stock can close above this level next week, we should see a reversal of this downtrend. Stay tuned.

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I continue to watch this stock. The volume is still large so Vuzix Corporation (NASDAQ:VUZI) could potentially break out again at any moment.

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SCYNEXIS Inc (NASDAQ:SCYX) broke resistance on Friday, but was not able to make the expected move. Friday’s high was $2.35, which is resistance for the follow through move on Monday. If the stock does break resistance, I expect to see a strong upside move. Looking at the daily technical chart above there looks to be more room in this move, so watch the stock closely over the next few days.

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Resolute Energy Corp (NYSE:REN) is trading near its all time high (potential bullish flag formation). Buy only when the stock breaches $8.30. The stock seems to be consolidating at higher levels to work out the overbought signal.

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Newmont Mining Corp (NYSE:NEM) has been in a nice uptrend since mid April. After hitting up to a high 41.68 in the second week of July, the stock pulled back to its breakout point and looks to be setting up for another upside move. If the stock can break through that resistance, we should see an increase in volume as traders like to watch this stock. Hold your current position with a stop at $38.97.

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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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