#IBDPartner
Summary
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.
Join us today in the trading room for our LIVESTREAM broadcast
during market hours, as we navigate the current environment. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Want to become a member? Check details here:
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live Sessions
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.
Disclosure: As an #ibdpartner, that means my use of investor/s business daily suite of services is complimentary. I also receive compensation from the company for my technical analysis services.