ONVO: Major momentum today on a gap and run as the stock is now up 75% since last Tuesday. Last Tuesday and today have been the best performing days, both times ONVO never went below its initial 15 min low after 9:45. In looking at a long term chart, ONVO broke above its early year-to-date high of $6.35. I now want to see that level act as support on a pullback. As for resistance, back on 6/27/12 ONVO had a huge dump from $9.08 to $3.50 so there are likely some bagholders using the recent move higher as an opportunity to exit their positions.
The momentum can certainly continue, but it would seem to me that ONVO needs to do some consolidating. Ironically though, something that has signaled immediate term momentum at the open is the same thing I watch for on big boards: the ability to hold the initial 3 min and 6 min low. Longer term this stock looks very good and is in an undeniable uptrend so I’d expect an eventual move beyond $10.
STP: Very nice breakout today as STP has moved above its May highs after a 2 month long consolidation period. STP has rallied 25% in the last 2 days. Similar 2 day rallies were seen 5/20 & 5/21 as well as a stretch in April. Those 2 rallies though over 2 day stretches were 100%+ and 50%+ so this one is much more tame. I like that because if you look at the rallies in April and May, STP followed them with a long consolidation period. The healthier 25% rally seen in the last 2 days suggests to me that this move might lead to more momentum where the other 2 led to neutral action.
I want to see $1.15-$1.21 turn into support with the best case being $1.28 support as that was the May high. In looking at a longer term weekly chart, STP is having its best weekly winning streak since 2009. In addition, the stock has had its 2 highest volume weeks ever recorded in 2013, suggesting that traders/investors are betting on a bottom finally being in. Resistance is $1.50, $1.78, and $2.
XUII: The pump that won’t end. Honestly amazed at how this thing hasn’t been halted yet but that doesn’t much matter (that is until it/if it does get halted). XUII now though is working on yet another 3-day winning streak. The last 2 3-day winning streaks have led to a 7 & 4 day winning streak, respectively. Combine that with the fact XUII is testing key resistance at $0.40 and the momentum appears to be pointing higher. I want to see $0.35-$0.37 become new support or $0.40 if it can close above it today. $0.44 (XUII all time high) is resistance below a $0.50 magnet. Above $0.50 and it can get fun. Just be smart, this will end in flames down 90%.
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