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Diagnostic testing companies OPKO Health (OPK) and Quest Diagnostics Inc (DGX) are producing Covid-19 test kits as early as next week. In addition, the U.S. government via the FDA are both curbing regulations and red-tape that would normally slow OPK and DGX efforts.
COVID-19 tests will aid healthcare professionals and public health authorities to identify patients infected with COVID-19
OPK DGX Volume Surge, Covid-19
Have you been to the doctor’s office recently? If you needed any tests or bloodwork, its highly likely Quest Diagnostics (DGX) was involved.
Technically speaking, the stock is just above its buy point, suggesting a break out of this weekly cup and handle continuation pattern. A measured move is roughly the depth of the cup, 30 (+/-) points.
Longer-term investors should note that Marketsmith calculates a 20% move as its profit zone, which equates to 23 (+/-) points or 138.00.
“Opko Health’s BioReference Laboratories has collaborated with the U.S. Centers for Disease Control and Prevention, the World Health Organization and other public health agencies to help identify and develop diagnostic tests for emerging infectious diseases.”
Opko Health (OPK) appears is breaking its multi-year downtrend. While we don’t trade stocks under $10, Opko Health will be a company to watch over the coming weeks.
RS Line is rising to 85 while volume was well above average on Thursday. Earnings are in May.
We’ll update this post as new information warrants.
Futures are lower this morning, We’ll most likely roll covered calls up a few strikes and hold the SPXU and SQQQ positions in the short-term.
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Happy Trading,
Vinny
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