Xmas rally or massive short squeeze ? I want both.... A few names to watch for the Xmas week
Massive short squeeze? This article "Marko Kolanovic Expects A Massive Short Squeeze Into Year End" makes all sense, specially with many stocks trading below fundamental and at extreme oversold conditions. The lack of volume and players in the coming days with January effect ahead, will force a lot of short positions to be closed, all factors combined and the rally could be massive.
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With last week’s dip Tesla, Inc. (NASDAQ:TSLA) filled the gap from October, while the stock clings to uptrend support and holds up just above the prior breakout spot at $900. As long as it holds this key psychological area as support, I would feel comfortable to start a short-term long position. MACD is also displaying a positive divergence indicating trend reversal. Might bounce next week.
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Wish (NASDAQ:WISH) seems to be forming a bottom and it will be complete once stock closes above $3.32 on daily charts targeting the 4 areas next.
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Acasti Pharma Inc (NASDAQ:ACST) has been struggling, as have most small bio caps stocks lately, but there are some signs of reversal in this downward path. What needs to be watched from here out is whether it is still being accumulated. The bounce off the recent sell-off lows could potentially be the start of an even higher move. The stock looks right on the brink of a breakout. It closed at $1.14 and I think any breakout would bring $1.65 and better into focus.
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Mink Therapeutics Inc (NASDAQ:INKT) I think this recent IPO play has found support around the $3.7-$4.5 range and looks poised to post a bounce from here. I could see a 30-50% possible bounce up to $6.40 - $8 a share if it can get break resistance at $4.60. Keep in mind, the IPO was at 12 in October and hit 22 in November. I think current prices are going to look awfully cheap down the road. Plus, it's also a COVID Name. On Nov 12th, the company announced 77% Survival Rate in Intubated Patients with COVID-19 Respiratory Failure Treated with AgenT-797. Definitely one to watch for a big bounce.
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Arcadia Biosciences Inc (NASDAQ:RKDA) is in accumulation mode trading significantly under cash level with the prospects of a breakout that could come at any time. The 1/1.05 range has proved to be the support and we need a break of 1.10 to send the bulls charging. Big Bounce coming.
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Spruce Biosciences Inc (NASDAQ:SPRB) This small bio cap had a very productive day on Friday as we saw gains of over 100% and based on the technical daily chart I believe it has more room to run. The stock finds an immediate resistance at 5.80 and support at 4.25 followed by 3.89 (EMA50). This stock is an example for my other fav small bio caps CMMB CNTX TNXP INKT It's just a matter of time.
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CPNG had a strong day as the stock closed up $2.18 or 8% on solid volume. Friday’s high of $29.26 is now resistance for the continuation move. Technical indicators are looking bullish.
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Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) This penny stock deserves your attention going forward. The stock is forming an inverted head and shoulders pattern. If the stock can break Friday’s high of 44c, we should see a strong follow through move. TNXP will move very quickly, so keep a very close eye on the stock.
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
Thanks for visiting AC Investor Blog.
AC
Labels: ACST, CPNG, INKT, RKDA, SPRB, TNXP, TSLA, WISH
