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2 Day Trades until Thursday
1 Day Trade until Thursday
3/5 XGTI- $14.76M last traded, rel vol 4.5, Wireless Communications, 7.36M float, 20.94% short @ ratio .84, days to cover 1, PM news of them regaining NASDAQ compliance. The next most recent news is from the 29th stating they are scheduled to close on their acquisition of Vislink on the 9th, this news seems to have started the current up trend. The stock spiked from $3 to $5 on first news of this agreement on the 19th followed by a halt and a public offering priced at $2 that caused this price to gap down below 1.75. The 50DSMA is just under $3 so I expect a lot of resistance there. This stock seems to respond best to earnings but always pulls back from its highs which typically happen at the open but not usually after 11am. I would consider getting in for a break of 2.50 and selling at $3ish.
This tripped out of the gate, tried to get back up and then fell behind. I don’t expect to play this later as I said this typically pulls back from its morning highs. It did manage to make an afternoon run almost making it to that $3 level before pulling back to 2.50 into the close.
3/5 VKTX- $2.54M last traded, rel vol 5.3, Biotech, 11.55M float, 2.82% short @ ratio 1.15, news on the 5th of them bringing in 3 VPs of different departments to strengthen management. Resistance at 1.50 and $2. Had up trended nicely all day yesterday. I wanted to get in around 1.55 but by the time I finished DD it was at 1.59ish and not coming back down. I decided not to chase but may get in on a dip if it pulls back in AH/PM or at the open. This reached a high of 1.85 before pulling back towards 1.50 in PM. I would consider a dip buy with a target of 1.85 if it gets close enough to 1.50, ideally 1.55 or closer.
L2 looked good for a dip buy but the volume was lackluster. L2 bids seems to have evaporated, still not much volume. This is holding support going into the midday, potential play later. Failed to really perk up but did hold support for the day. We will see what the future brings
3/5 CTIC- $12.43M last traded, rel vol 2.66, Biotech, 23M float, 2.72% short @ ratio .77, news of FDA removing a hold on myelofibrosis drugs from Feb2016 meaning they can continue progress on their phase 3 drug. They also started the year with a 1:10 reverse split to meet NASDAQ requirement. They seem to have one commercial drug in the EU currently. Just released a statement that they have cut costs moving into 2017. Stock was trading in the $11 range when the hold was placed. Looks like it over extended and had to consolidate. Provided this hold support, at 5.80-5.70ish, it could be a decent swing to 7.50.
Also showing me the price action I want but without volume. Midday volume still lackluster, holding support at 5.50. Continued this trend into the close.
3/5 SXE- $2.48M last traded, rel vol 7.11, Gas Utilities, 21.75M float, .59% short @ ratio .74, news of them combining Chairman and CEO of Holdings and GP for both companies. Also news on the 3rd of an adjustment to their revolving credit line. Briefly broke resistance at $2 today and topped out at 2.06. Next level of resistance is 2.35 followed by $3. Stock is capable of running up for multiple days. There is a good chance of this getting stuck under 2.35 and I don’t really want to play it unless I think it can break that as well. I would consider an entry at 2.35 as well as 2.06 with additional news or activity/volume.
Almost no volume today, most likely no play for me later.
3/5 NVCN-$7.31M last traded, rel vol .65, Canadian Med Appliances & Equip, 38M float, 7.23% short @ ratio .51, no recent news. I would play a break over 2.25 with news and a goal of this breaking through 2.50 and reaching $3. It closed well despite an obvious reason. I would have to wait for a catalyst on this one.
Currently holding support, still needs a catalyst. Support failed at the close but daily chart is still making higher lows. Will have to wait for a catalyst on this.
2/5 BIOC-$1.60M last traded, rel vol 5.9, Medical Laboratories & Research, 15M float, 6.61% short @ ratio 3.71, no recent news. Hit 1.05 in the morning and then held support at $1. Next level of resistance is at 1.30 followed by 1.70, which is just below the 200DSMA. There is potential for a dip buy here provided it holds support as this stock seems to get range bound. Not the most volatile stock and it doesn’t have news . I wouldn’t want to play this without some news/ catalyst.
Started breaking out of the 1.30 level on news of a deal with BCBS in Texas. After I got in I realized there was some more recent resistance at 1.50. When it broke that level I placed a sell order for 1.65. The stock pulled back from 1.64 to test the 1.50 level. When big bids at 1.51 and 1.50 got taken out and I saw prints below 1.50 I set a sell order for 1.50 and waited for it to fill. This stock was fighting to get above 1.40 so I thought it best to lock in profits to be safe. This did turn out to hold support so I missed out on my original targeted profits but the L2 asks were consistent so I didn’t want to hold in hope and risk not making money. Fear basically played a small role in my sell although I’m not upset at how I handled the situation. I feel like I may have focused a little too much on the 1min chart again but the stock was also up 50% on the day and one of my rules says specifically to be cautious with stocks up over 50%. I had looked at this for the close but the 200DSMA had me concerned between the closing price of 1.70ish and $2. Sure enough all the low floats blew up at the end of the day and this decided to make it all the way up to 2.50 in the AH. Perhaps I was over cautious but better safe than sorry.
2/5 NAK- $11.48 last traded, rel vol 1.84, Canadian Industrial Metals & Minerals, 225M float, 1.34% short @ ratio .99, no real news. Float is too high for me although the daily is up trending nicely. Potential dip buy at $2 but I wouldn’t do it without a catalyst.
More or less range bound so far today, volume is decent.
1/5 MRNS- $1.59M last traded, rel vol 1.91, Biotech, 17.71M float, 6.14% short @ ratio 1.47, news from the 5th of their outlook for 2017 with milestones and news on the 3rd of FDA giving them orphan drug status for their Fragile X drug. Didn’t seem to get any action with the recent news. Not the most volatile stock so I won’t be playing it.
Range bound on lighter volume.
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