Volatile day and week on Wall Street so far. But markets closed up nicely at the end of the day to day. The energy sector was very strong with oil trading over $48 per barrel. I have had discussion with oil executives who feel that $55.00 is not that far away. ERX, the triple bull oil ETF is pointing in that direction as well as it broke out today above multi month resistance.
ARWR: Stock broke above multi month resistance today, trading as high as $7.21 and closing at $7.08. On the big chart, it is a large reverse head and shoulder formation that, today, broke the neck line at $6.50ish. I would look to go long above $7.21 with the first resistance of $7.50 likely tomorrow. If it can get above that level then my price target is $9.00. There is a huge short position on this stock with shorts over 30 days to cover. This could a lot of momentum to the trade for sure.
CLNE: I have been writing about this stock over the last few days and it continues to works its way higher to $4.50, closing today at $4.40. It has some resistance at $4.50. But a trade through that level and I would look to go long with my first target of $5.00 and then $6.25.
NVIV: Stock broke out above multi month resistance today trading as high as $7.65, closing at $7.64. I think with the current momentum, this stock could fill the gap to $8.15 and then $9.00. I would look to go long over $7.65. Shorts, over 13 days to cover.
RPD: The stock traded down after the IPO last year and made a sharp V bottom. It has been consolidating over the last 6 months grinding higher. Over the last week it has broken above near term resistance and is approaching overhead resistance at $18.00. It closed today at $17.13. I would look to go long over today's high of $17.30 with price targets of $18.00 and then $22.00. Over 13 days for shorts to cover.
Good call on RPD and ARWR
Thanks
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