These two stocks were added to the watch list this week, after meeting criteria in the MarketSmith relative strength scan. Both stocks started off the week breaking higher out of a bullish follow-through pattern, with Altimmune (ALT) gaining over 17.7% and FuboTV (FUBO) gaining 8.64%.
MarketSmith Relative Strength Scan
Altimmune (ALT) is breaking out of a shallow range after basing for the past 21 weeks. Volume suggests institutions are buying in anticipation of good news. We’ll add to our this week targeting the upper 20s in this next bullish leg. Stochastic turned higher implying we would see closes in the upper half of the daily range for a few more days. Look for a quick consolidation when ALT reaches overhead resistance around $20.50 ~ 22.00.
Ultimately we’d like to see the $35.oo level again, so we’ll reassess the prospects once and if price action clears $22.00. CLICK IMAGE TO ENLARGE.
Altimmune (ALT) soared 700% last year, in less than 3 months, from May through July, primarily due to investors’ excitement about its COVID-19 vaccine. All of the current leading coronavirus vaccines are injections, and most of them require two doses. Altimmune’s AdCOVID is a single-dose intranasal vaccine that holds the potential to be highly effective.
Altimmune retreated mid-year 2020 after the U.S. Food and Drug Administration (FDA) placed a clinical hold on Altimmune’s application to begin an early-stage clinical study of AdCOVID. It was noted that the FDA’s clinical hold wasn’t related to concerns about the safety or efficacy of the company’s experimental vaccine; the FDA made requests for trial protocol modifications and manufacturing data.
FuboTV
FuboTV (FUBO) is following through this week, pushing off the 50d moving average last Wednesday, while regaining the bullish 9/21d on Thursday and Friday. This 60-minute MarketSmith chart of Monday’s price action suggests a continuation of the bullish price action. Over the past 3 trading days, the stock rallied 40%. Monday doji candle suggested short-term profit-taking as the stock is up pre-market (+1.76%) in early trading.
FuboTV Inc. is in the process of acquiring Vigtory Inc., a sportsbook that it eventually plans to integrate into its TV platform. This deal would make the over-the-internet TV provider the latest sports-related streaming media company to invest in sports gambling.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we navigate the current environment and trade these MarketSmith stocks. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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