Biotechs have been strong at the start of the year (LABU). Tuesday LABU had a huge engulfing bar and closed at the top of its range. Today it had big follow through up over $10 in the last 2 days. I am looking for the ETF to test $93.00 here in the short term.
ACBFF: Stock hit my $11.00 target today trading as high as $11.83 closing at $11.31. But I would be cautious. It is up from $5.50 in a week or so. But, I imagine there are a lot of people shorting this stock as its market cap is getting out of whack. If the momentum continues then $17.00 is the next target but I think it is over extended in here. A correction could be quite sharp.
CANN: Another pot stock and another big winner from my watch list. From my $7.50 entry level the stock hit $10.49 today closing at $10.35. This stock is up from $2.50 and so is quite extended. If momentum continues then $11.50 is the target. But I would be cautious up here.
CRBP: A stock I have been watching for some time as it has built a multi month base and yesterday broke through the first resistance level. Today was a follow through day trading up to lateral resistance at $8.70 and closing at $8.50. I would look to go long over $8.70 with $10.50 as the price target. above that and we could see $14.00.
GALT: Massive reverse head and shoulders pattern. It broke through the neckline today and traded as high as $4.80 closing at $4.38. I would look to go long either on a pull back to support or a move over today's high. Price target $5.75 and $6.50. Short ratio, 8.3 days to cover.
GLYC: Stock has been in a steady up trending channel and is trading at the lower trend line. It traded up to $18.09 (which is resistance) and closed at $17.84. I would look to go long over $18.25 with $23.00 as the price target. Short ratio, 9.3 days to cover. So a break out with volume could squeeze the shorts.
INSY: Another huge winner from my watch list the last few days trading as high as $14.00 today and closing at $13.38. But, like all the pot stocks it is over extended and trading up into key resistance levels. If this stock should trade over $15.00, though, there is a lot of blue sky above.
MARK: A volatile trader but trading up close to a key break out level. it traded as high as $11.00 today and closed at $10.51. Through $11.15 and we should see $15.00 and $20.00.
OSTK: Something is up with this block chain stock. Today, near the end of the day, it popped out of the wedge formation and traded as high as $71.70, closing at $71.55. I think we will see this stock retest the highs at $82 and above that the next level is $100. Short ratio, 6.2 days to cover.
RENN: An explosive move today which I alerted in chat at around $15.00 Stock traded as high as $18.70 closing at $18.32. There is resistance at this level. But over $19.25 and we should see $23.00. Short ratio, 3.3 days to cover.
VKTX: Stock I wrote about yesterday. Today it broke out of the bull flag I was writing about and traded up to $4.84 and closed $4.83. Price target $5.25 and $6.00.
VNET: After a nice move from $4.25 to $8.00 range the stock corrected sharply making a V bottom pattern with an extend right side. The last two days it has traded up sharply through lateral resistance at $8.00 and traded and closed at $9.00. There is a lot of open space above with $11.00 as the next resistance. Short ratio 8.9 days to cover so we could see a short squeeze in here.
The watch list is just mainly big % gainers and stocks making new highs and lookin gat a lot of charts
Thank you so much!
Excellent breakdowns, can't thank you enough Bob, congrats on your milestone. Happy New Year!
Thanks
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