Market Overview

9 Stocks Technicians Are Watching Very Closely This Week

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Cyberark Software Ltd (NASDAQ: CYBR) finally broke down from the bear flag formation highlighted on the daily chart, signaling further decline. The stock price shows weakness with its recent decline and could reach the potential target area at $52.

The trajectories of momentum and directional indicators also point to continuation of negative bias. Based on fundamentals this stock is way overvalued. Short setup.
 

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Bonanza Creek Energy Inc (NYSE: BCEI) Shares ended the day down $2.29, or 7.83 percent, to close at $26.95 on heavy trading. Trendline support has been broken on the daily chart at $27.7 with the next target at $24.50.

Technically speaking, it is now in a Bearish mode with MACD below signal line and the stock price below all major EMAs. I expect the stock to continue its downside movement. Short setup.
 

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VirnetX Holding Corporation (NYSEMKT:VHC) Still holding long position. From a technical perspective, the stock finally broke out above $7 a share last week with a strong volume expansion. It has a medium-term target of 9 and it could move a lot further especially given the high level of short interest.

However, I think we are due for some kind of a pullback (overbought conditions), which could be a buying opportunity.
 

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BlackBerry Ltd (NASDAQ: BBRY) Strategy: Buy on dips. The stock closed at 10.81 on Friday in a weak session for techs, reconfirming the new uptrend after the recent break of the 10.5 resistance level on expanding volume. Because of this I feel that this stock is ready to go towards its next target of $11.11 level.

Accordingly, I suggest to buy the stock on dips targeting $11.11 and +$12.50. The technical indicators are looking better for the stock. Chart shows a very bullish sign as the stock price is back on top of all EMAs moving average while the MACD is positive and rising. Long setup.
 

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Sunshine Heart Inc (NASDAQ: SSH) broke out of symmetrical triangle formation last week. From a technical standpoint, the stock is now very bullish with the breakout having a large spread and volume. We also have the MACD above zero line and RSI above 50 percent levels, indicating the stock is in a "bullish" trend. Any break above the $6-$6.20 range will push the prices toward the $6.90 to $7 area. Stop-loss 5. Long setup.
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Ibio Inc (NYSEMKT:IBIO) The stock went as high as $1.06 before closing the day at $1, up more than 3 percent on solid volume. From the technical daily chart above we can see that the stock is on a bull market as the stock is trading above all EMAs and MACD is above Zero line. Given the strength that we saw yesterday, it seems to me that the correction is nearing an end and the uptrend is about to resume. The stock may go up to 1.4 or more if it breaks next week the resistance at 1.08. I went long with a stop located at located at 86c (20EMA).
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salesforce.com, inc. (NYSE: CRM) had a very good bullish rally last week accompanied with large volume. A gap was formed also with good volume. It's now in the red line as RSI hit 80. It may still move up some + cents but I expect a correction any time as we have observed that a lot of indicators have already reached overbought conditions. $69 is the key support level.
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I alerted Second Sight Medical Products Inc (NASDAQ: EYES) to my twitter followers (TWITTER ALERT) before crowd when it was trading around the 8.85 level. Traders who saw the gold in my alert and took advantage of EYES 100 percent climb.

And lastly...I am also keeping a close eye on Hemispherx BioPharma, Inc (NYSEMKT:HEB) for the month of March (I own 60,000 shares of this right now). The company and the U.S. Army Medical Research Institute of Infectious Disease will present findings of new studies of Ampligen(R), an experimental therapeutic during the 7th Annual International Symposium on Filoviruses in Washington, DC, March 25-28.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Previews Trading Ideas

 

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