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Saturday, September 12, 2020 

Stock Chart Patterns to Watch Next Week

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I've been following  Kensington Capital Acquisition Corp (NYSE:KCAC) for a couple of days now and it looks like it may be turning here. The upper line of the falling wedge on the 30m chart looms above as resistance and I think it could easily catch some momentum and clear it. If the stock can break through resistance at 18 and close above it, we should see a strong upside move. Technical indicators are beginning to turn bullish. MACD is about to cross above its signal line, but both are still negative. RSI has moved above its 40% level and +DI is also about to cross over -DI signals trend reversal to bullish trend. The combined positive divergences means a likely up move above the 18 level. KCAC will move quickly, so keep it on your screen on Monday.

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Tesla, Inc. (NASDAQ:TSLA) recovered back above the $360 level last week, as bears failed to break under critical medium-term technical support. Technical indicators on the daily time frame are not giving a clear hint. MACD is in the positive zone, but has slipped below its falling signal line and RSI is at its 50% level neutral. Last week’s volumes were also a little muted, because of a holiday-shortened week. I think next week the stock is likely to make another attempt to cross the resistance zone between 398 and 400 but bears may not give up ground easily. From a medium-term perspective, as long as the lower trend line of the rising channel holds, the uptrend remains intact. I entered long again on Friday around 365

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Allied Healthcare Products Inc (NASDAQ:AHPI) appears to be poised for a nice bounce off this bottom.The stock has a long history of big bounces when the RSI touches extreme oversold levels. With COVID gaining rapid traction in the news again, this is a solid bounce play that should be kept on the radar. This company manufactures a variety of respiratory care devices and emergency medical products for use in hospitals and home health care. Daily technical indicators are beginning to turn bullish. This stock can shoot up to $10 in a blink of an eye.

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Superconductor Technologies, Inc. (NASDAQ:SCON) Need to see further upside confirmation on Monday before adding to the current position. The stock completely changed my point of view closing the week well positioned to start a bounce. Chart is displaying a buy divergence on the upside. If this pattern is resolved on the upside, the stock can potentially test $3.8 levels again. I really think this will go up to $4.5 - $5 a share if they release a catalyst news regarding the merge with Clearday because the float is very low. On watch.

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OpGen Inc (NASDAQ:OPGN) will be very interesting to see how this chart resolves. The stock has been basing in a very tight consolidation pattern and has been doing it on low volume, a buy now may be a bit early as a lot of resistance but a breakout would potentially move to the 3.5 level. Squeeze over 2.30. Watch the break of the pattern and play accordingly.

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Adial Pharmaceuticals to Present at the H.C. Wainwright 22nd Annual Global Investment Conference on September 16th. I love this Covid play at current levels (Rapid Result COVID-19 Antibody Test Kits). The 4h chart indicates that stock seems to be stabilizing and has formed a large falling wedge pattern, which is bullish. The volume has been quite modest for this name, and looking at the oversold readings of the RSI could power a rally that I think is coming. The stock will now be facing some resistance around $1.40. A close above this area will be very bullish and send the stock to next resistance area at $2

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Sorrento Therapeutics Inc (NASDAQ:SRNE) is still holding up well here and the stock has a chance to move higher. Looking at the positive divergence on MACD and RSI stock may break resistance line soon at 6.7. Definitely on watch.

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With the continued growth of Covid cases in India, this bottom play deserves your attention. Akers Biosciences Inc (NASDAQ:AKER) is a pure Covid19 vaccine research player for India. There are some signs that the stock is gaining some momentum in recent days. It is well oversold and a bull move is probable for the coming sessions. Plus, the technical chart shows some positive divergences. Keep an eye on AKER and be prepared for an upcoming move.

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Commercial Vehicle Group, Inc. (NASDAQ:CVGI) finally broke the bull flag pattern with a bullish candle. The stock traded decent volume as it hit a high of $5.21. This high is the next resistance for Monday’s continuation move.

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Workhorse Group Inc (NASDAQ:WKHS) remains one of the hottest stocks on the market and could be ready to break out of this sideways pattern. Price should become explosive if this daily chart pattern is broken to the upside with volume. Breakout watch over 24.49

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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