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Saturday, April 30, 2016 

Chart setups to keep an eye on next week

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Forum Energy Technologies Inc (NYSE:FET) surged 8.77% Friday on one of the heaviest volume sessions this year, with 2.87 million shares traded. The broke out of a key horizontal resistance line and closed slightly below the high of the day, which now represents the next resistance for the follow through move on Monday. If a breakout above this level occurs, we could see a continuation of current momentum toward the 19.2-19.85 range.

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Krispy Kreme Doughnuts (NYSE:KKD) Should be on watch next week for a possible breakout out of current consolidation (Bullish flag). If a breakout above 17.53 occurs, we could see an acceleration of momentum and move toward the 18-18.60 area.

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Relypsa Inc (NASDAQ:RLYP) has been pulling back after massive one day rally on 7th of April. As you can see from the chart above, in this corrective phase the stock has found support on its rising 50-day EMA on multiple occasions. At this point and with the company being mentioned as a potential takeover candidate, traders could expect a strong bounce and a potential breakout of the downtrend line. CMF is positive and accumulation remain high.

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Despite the overall market correction, Friday was a good session for Gold stocks, including IAMGOLD Corp (NYSE:IAG). The stock gained another 22 cents, or 6.92%, breaking out of a consolidation pattern to the upside with volume backed confirmation. The daily technical chart above shows the stock is in a bull market rally as MACD is on top of signal line and in positive territory. In addition, the medium-term trend is also bullish as the stock is above the 50-day and 200-day exponential moving averages with both moving averages going up.

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DryShips Inc. (NASDAQ:DRYS) delivered nice gains for traders last week (Twitter alert). The stock closed the week with a gain of 65%. There were plenty of opportunities throughout the week to get involved in this particular sector and easily book a profit. For those of you that booked a profit, congratulations on a great week. From a technical perspective, we are now starting to look overbought in the short-term, so we could see some profit taking for a test of its 100-day EMA support.

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Paragon Shipping Inc. (NASDAQ:PRGN) was the stock of the week gaining more than 750% in just two trading days. After strong gains, the risk of profit taking is high, so play wityh tigh stops.

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Vringo, Inc (NASDAQ:VRNG) is a low float stock to keep an eye on. I am still watching VRNG shares of due to the recent price action, volume, news and momentum. Daily technical chart shows a possible reversal in the making. Most of its key indicators, particularly the MACD and the 14-day relative strength index are displaying positive divergences. Plus, the ADX indicator is starting to move into strong territory. Overall, the stock is showing some positive technical signs of reversing its long-term downtrend. If it breaks this downtrend line, the first target on a swing would be the $3.50 area.

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After the recent rally in oil stocks, Friday's pull back on Bonanza Creek Energy Inc (NYSE:BCEI) should be seen as a natural and welcome movement. As long as the stock closes above the 3.70 level, the Bullish trend intact.

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Apple Inc. (NASDAQ:AAPL) The price action on Friday created a potential/temporary bottom. A rise above the 95 level next week should confirm the reversal. Plus, the extreme oversold reading from the slow stochastic and RSI indicators, suggest that prices are due for some recovery and base building imho. Stop Friday's low.

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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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