9 Stocks Technicians Are Watching Very Closely This Week
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.
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.
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.
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.
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.
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