The watch list was sent out last late last night, so be sure to check the alerts channel and/or your email.
Scanning through the Investors Business Daily produced a few candidates from the IBD50 and IPO lists. There are few momentum stocks that will likely break higher this week as well.
ACIA is consolidating in this recent pattern above the 9/20ema. RSI dipped to 50, showing signs that it will continue to push towards 70 in the near term. I have an alert at 112.90 and another at 122.49 the latter of which will trigger a SAR buy signal, possibly signaling the next leg in its journey. Volume and stochastic lead me to believe price will turn higher, forcing MACD to follow its direction.
COTV – we’re watching for a move above the upper trend line in what appears to be an ascending triangle. SAR buy signal will trigger at this level. Note stochastic and the volume on Friday. The latter triggered an alert on Friday.
TPIC looks ready to roll. We have alert(s) at 20.00 and 20.62, the latter being a SAR buy signal. RSI, stochastic and volume suggest this one might have a continuation day if the indices can hold the highs of the Globex session.
XNCR weekly. This stock is new to the IBD IPO list. We would like to see some consolidation at the highs. We have an alert set for 24.82. Check the daily and 60 minute charts for more precise entry timing.
ALGN from previous commentary. Note volume RSI and stochastic. If medical supplies and healthcare catch a break today this stock may take action back to 52 week highs. We’re looking at 94.00 or better, with an buy call spread possibility.
Biogen (BIIB) – The same thoughts go for the biotech group. There are a couple of names that look ready to boogie. A break of this descending channel would do it for this stock.
AMPH and SUPN are in the same group biotech/pharmaceutical. Note the latter already broke out to fresh 52 week highs. We’re expecting the same from AMPH. Stochastic and RS suggest higher prices are in order. A buy signal will trigger at 19.32. We have an alert set for this trigger.
The watch list is below. Good luck and Happy Trading – CV
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