I'm doing a 2 week challenge to post on here Monday through Friday to track my thoughts and the successes/failures of my trading plans. My basic scan is 500k shares, $10 or below, and minimum 10% gain. I'm looking for stocks with good charts, good catalysts, uptrends, and charts nearing breakout or support levels. I'm definitely long biased.
APRN- Okay chart, cup and handle got shut down at 7.80, we'll see if it can break tomorrow. 10.6M share float. No short info, but I suspect that there will be some short covering if it can breakout, based on it's downtrend. I'd take 35-50 cents profit. Very speculative.
GNCA- Big volume with a reversal of it's downtrend and held decently near highs. 22.76M share float, 15% of shares short. I definitely expect to see short covering at breakout levels. I have my alert set at 6.00. I think if it can break the whole dollar convincingly there are some clean profit targets at 6.28 and 6.80. This stock had a pretty steady uptrend for most of this year. I think it can be strong again. Up on news of an analyst upgrade after positive results treating "genital lesions." Good news can usually be bought on a dip. I'm watching for a breakout or a dip to near 5.80 or within 5 cents above or below. Either way I'll take it.
IDXG- Shorts love this stock after what happened in December and January. The intraday chart shows an uptrend, and the daily chart shows a MAJOR downtrend. If shorts get to excited I think it can run to the 40MA before crashing. It's super risky, but I figured I might as well have some commentary since it popped up on my scan.
IMGN- I'm sad I still haven't gotten to participate in this charts moves. Every pullback has been buyable this year. If this stock can reclaim it's 20SMA I'll be looking for a buy, and also looking for it to run back to it's high of 8.04 as a profit target. It has to convince me though. Still a good looking chart.
ACRX- Looks like traders are buying the rumor to sell the news. It's near a breakout level and just announced a conference call for investors on August 2nd. It's worth keeping it mind I guess, but I'm not too hopeful about it. If the reaction is good, and they put out some PR's, I'll look to buy on dips.
RVP- Fresh breakout at 1.33 after pretty much no action this year. Volume doesn't seem to have that much of an effect on this stock's price. If I can get a good buy near it's breakout level, I'd only aim for 10 cents per share.
That's pretty much everything from my scan today. I wish I could sound a little more educated but there isn't really much going on with the market today. We'll see how much I get right tomorrow.
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