Wednesday January 9th Watchlist
Dynavax Technologies Corporation (NASDAQ: DVAX) is starting to break out. The stock hit bottom in the low $2.20's and has started to work its way higher. At this point, the stock should find initial resistance at its 50-day moving average of $3.23 and further resistance at $3.95. Shareholders may remain invested with a stop-loss at $2.80.
Oncothyreon Inc (NASDAQ: ONTY) is another Bio name that looks poised for bounce from bottom. With almost 25% of the float short, if ONTY does indeed bounce, we could see here a significant short squeeze. Daily RSI starting to turn up from deep oversold levels and the MACD is crossing up its signal. I think short term the stock will break back over $2.2 and could test its 20-day moving average at $2.86 imo.
Cyberonics, Inc. (NASDAQ: CYBX) broke out to all time highs accompained by a strong volume suggesting higher levels. The stock hit a high of $55.49 which is now resistance for Wednesday's follow through move.
We're on the verge of a possible breakout in the shares of Groupon Inc (NASDAQ: GRPN). The stock tried to break out on Monday, but the weak market pulled the stock down from its high on the day. I expect to see a strong upside move if GRPN can break through the $5.50 level.
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