Were midweek and the trends have yet to stop moving. Instead of harping on the companies that we know are moving well, there are plenty of other ticker symbols to pay attention to.
The market’s overall health is still well as we can see the DOW and the S&P confidently accelerating. These averages continue to show the condition for the overall market and are still letting us know its okay to buy, and hold. Though we may go through a bit of turbulence as the market settles down, it is not done.
$EXEL bounced off of a moving average and held at support in the past week and is on its way to breaking its original high. This stock made a run up throughout most of February and just started to pullback. The pullback was not violent and had very little supporting volume on the down days which indicates that stock holders are not looking to sell yet and that there is more room to grow. For the swing traders, an early entry might not be a bad idea. Day traders might want to keep an eye on this indicator because the next move may be within a day.
$IONS is in a different state compared to the other tickers however it is showing a lot of consolidation and moderate profit taking by traders. If you look at the way it sold off throughout 2017 after a peak in 2016, you can notice that it wasnt a fast move and that it is beginning to form a flag patter. The breakout is predicted to happen around $47.50 as that has been the resistance for the last week.
$OREX is another stock in a similar predicament. It is also a stock not to be underestimated as it has the ability to move several dollars in a day. This is a monstrous move for a stock currently trading around $4.50. As it settles down and forms a flag pattern, traders are looking for it to break and continue back up to its high, and hopefully surpass it if it has enough momentum.
$X is revisited as it is just coming above its resistance level of $38. It had a very moderate sell off for a few weeks and now the breakout is in way. Since this company is by no means small, and there is a lot of capital fluctuating around, the moves are going to be slower and more preferable for a swing trader. While this stock is not impossible to daytrade, larger percentile gains can be taken by holding for a few days.
And lastly we can look at a stock that is bouncing off its floor and changing long term directions. $CXRX is a technical penny stock as well as a low float company. This is due to it being priced below 5$ and having a low supply of stocks. These features prove well for large moves much like the one it made in early February. It has since consolidated and is reproaching resistance. If it behaves like most other stocks in todays market, it will break through the $2.50 line and continue up.
The market is still persisting on and proving to be one of the best trading environments we have seen in a long time.