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Sunday, June 21, 2020 

Chart setups on my watchlist for the coming week

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Vir Biotechnology Inc (NASDAQ:VIR) on Friday broke above the resistance line of a sideways pattern on a move up 4.14 or 11% to 41.46. The stock was up another dollar in the aftermarket. A move above the 42.4 level would confirm the breakout and continuation of the uptrend towards an initial target of 48. Daily technical indicators are looking bullish, and showing upward momentum.

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OpGen Inc (NASDAQ:OPGN) is positioned for an upside move above the $2.25 resistance line. The stock has been basing inside of a sideways channel pattern for the last couple of weeks. That pattern has seen the stock trade between $2.25 on the upside and $1.87 on the downside. With the daily technical indicators starting to turn bullish, if the key resistance level is crossed and the stock is able to sustain above this level, then it might go to $3.25

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Qualigen Therapeutics Inc (NASDAQ:QLGN) I think the risk of continued downside is a lot less than the possibility of a sharp oversold rally or big bounce at current levels. Buying stocks at or near their all-time lows, especially ones like these names that have not experienced much of a bounce recently, is a great way to find profitable trades on low float plays. In addition, the daily MACD triggered the short-term buy signal on Thursday. If the chart's history is any clue, this stock will post a sharp rally again from this major support. NOTE: This is a coronavirus play.

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Applied DNA Sciences Inc (NASDAQ:APDN) is another stock I am watching closely. It can pop big time on any positive news. Price broke the descending channel on Friday formed since the price reached the highs of 16.39. From a technical standpoint, the chart is displaying positive divergences on momentum indicators and with the stock oversold, these are the perfect conditions for a short-term rally. The RSI has also reversed the course and the daily MACD is starting to curl up, suggesting that a positive crossover could be coming soon. I would look for a move up to $9.02 resistance very soon.

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The technical chart of  CAN FITE BIOPHARMA (NYSEAMERICAN:CANF) looks fairly appealing for a possible short-term trade. The stock is now displaying positive divergences on key momentum indicators and is poised to move higher from these levels. Nearest resistance for the stock is at $1.83. If this level is crossed and the stock is able to sustain above this level, then it might go to $2.20. Keep an eye on CANF next week.

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NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) seems to be a promising mask play to follow. 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 means someone is accumulating a huge amount of shares for the coming days. If it breaks above 1.06, we can easily run to 1.50. Keep NBY on your screen for Monday’s trading session.

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Cocrystal Pharma Inc (NASDAQ:COCP) is another stock I am watching closely. The stock has pulled back on low volume after a big run-up, a healthy sign suggesting that it will resume the uptrend. Despite recent pullback, the daily RSI remains above 60 levels and may support the bullish argument. Additionally, the MACD still shows the stock is on the positive swing. Long setup on watch.

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Put SINTX Technologies Inc (NASDAQ:SINT) on your agenda next week. The company yesterday announced that in a controlled laboratory study, the SARS-CoV-2 virus was inactivated when exposed to SINTX’s sintered silicon nitride powder. The Company expects to share additional data soon, once the findings are published in a rapid-review forum. From a technical standpoint, the stock is still consolidating and may still have a chance to move higher here. If the stock moves above 90c it could rise to 1.32. Technical indicators are in bullish zones.

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Arca Biopharma Inc (NASDAQ:ABIO) is getting ready to come out of a basing pattern in the next few days. A close above $7.25 gets the party started.

During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog twitter and newsletter, so you can receive my trade ideas and stock news in real time.

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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