Another mixed day in the markets. The indices opened strong but sold off most of the day closing nearly unchanged.
ACUR: Stock exploded today from $.50 to a high of $1.39 today closing at $1.29. The stock does not have a history of holding its spikes. I will watching for the price action around today's highs. I am more short biased on this symbol than long. I'll be watching for a set up to see which way it goes.
AKAO: A stock I have been writing lots about gapped up this morning on an analyst upgrade. I didn't chase it (how unusual) as it traded as high as $19.00 where it made a double top on the 5 minute chart. It sold off sharply and traded down to the low $18.40s. I managed to dip buy it in that range and then rode to new high of the day selling at $19.20. It then made an orderly retracement back to support at $18.50 and then spiked into the close. After hours it is trading back at $19.00. On the daily chart, it is in the 5th wave of a 5 wave pattern in a strong up trending channel. I would look to go long over today's high with $23.00 as my next target. This very well could be a take out candidate.
CENX: Stock spiked up through resistance today at $16.25 and traded up to $16.50. It did pull back into the consolidation area and closed at $16.05. It is trading mid channel of a strong up trending channel. I would look to go long over the resistance area of $16.25 keeping a close eye on the action around $16.50. A break through that high and $19.00 is the next target. Shorts 5.9 days to cover.
CETX: The last two days have seen the stock break through the descending tops line bouncing off lateral support. Stock traded as high as $6.66 closing at $6.47. It needs to break though lateral resistance at $7.00 and then $8.50. But it looks to me that it starting the 5th wave of a 5 wave pattern.
EYES: Explosive day for EYES today moving from $1.50 to a high of $2.82 closing at $2.76. It had a strong intraday chart today with lots of opportunity to profit on the long side. On the daily chart, it has broken out above the declining tops line and through lateral resistance. I would look to go long over today's high with $3.25 as the first resistance level and then $3.75. Shorts, 8.5 days to cover.
GIII: The stock continues to be very weak in a down trending channel. It is right at support. A break below $24.00 and I would look to go short. We could see it move quickly to $22.00 and then $19.00 Shorts, 9.2 days to cover.
ACUR spiked on no news, I was just looking into this one. After the bell they issues a s--1 to raise $5M in warrents and stock. Seeking alpha issues an avoid on the stock.
Thanks Arussell....
Congrats on hitting 100k! Thanks for the watch list. I had no idea what the Elliott wave was, but sure glad I looked into it. Will be adding another tool to my toolbox.
I use Elliott Wave on the bigger picture. But it is a good indicator and part of the tool box for sure.
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