RKDA is up more than 300% on news of its new wheat “technology.” Premarket it was in the teens, and close near $50 on the day, reminiscent of the dot com bubble in the early 00’s. The major question here is if it can maintain this price level indefinitely or will it eventually crash like most penny stocks eventually do? This is stock is way to overpriced for me right now, so even if I’d like to trade it, I would maintain my discipline and refrain from doing so. So for now I’ll just watch this stock closely, and look for signs of a major rash.
PTI has been on my watchlists this week a few times, and on Wednesday its run continued. It did nothing all day Wednesday, however after hours it reported earnings and the stock spiked from the 6’s into the 8’s before fading a bit. I will watch this stock closely towards the market open in order to gauge the reaction towards its earnings call. Will only buy on dips, and will not chase it.
YTEN was up today on really no significant news, except that it traded 17 million shares on Wednesday which is most likely why the stock is up. In its most recent SEC filing the company even states that they have recorded losses in every year since their inception, with the exception of 2012, and that they “have a history of net losses” and that “their future profitability is uncertain.” The company also stated that they will need to “secure additional funding to finance our operations and may not be able to do so when necessary.” This company is clearly in financial trouble and I expect it will probably do a financing in the future to raise desperately needed cash. The price is just under $3.00/share, with over hanging resistance near 3.50. I’ll look to piggy back this stock only if the momentum continues upward.
SEED recently announced that their CEO will be attending a Blockchain event in which he will present the Company's strategies related to Blockchain technology based rural e-commerce. This is a speculative Chinese company that has run in the past, as it piggybacked the hottest sector. Currently it seems like the company is doing that again. SEED has been down-trending for the past year, however there seems to be some support near 1.40. If SEED can breakthrough to 1.40 again, and hold again this time around, then I will look to get in, but only if the price action is right.
RFIL has been gradually up-trending for the past year, though on Wednesday it was very range bound, bouncing between the 4.70’s and 5.50 all day. It actually double topped near 5.50, so I will use that as my resistance level. However, it couldn’t crack 5.00 towards the market close. If it can breakthrough $5.00 and hold, then I will look to buy. My goal is to sell towards the 5.50 price mark, and use 4.75 as my support.
RXII, DXR are biotech and medical supply companies that were up more than 40% on Wednesday. Each stock faded at the market open but spiked up midday into the market close. RXII was on a previous watchlist of mine this week as well, so I know that it has momentum. I’ll look to play these on dips only.
RAS, SSW, ISIG are other stocks that spiked up on Wednesday. The long-term chart for these companies is wither choppy and messy or dismal. These are all most likely no plays for me, but I’ll watch them nonetheless.
PFNX, MIIIW, ATXI traded all on extremely low volume, so for now I’m just eye-balling these. No play for me.