Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Breakout Charts to Watch

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Here are four stocks showing strong technical momentum.

BlackBerry Limited (BB) shot up out of a double-top pattern on Wednesday, closing up nearly 12% at $12.17 on 29 million shares traded. That was the largest volume since the end of September, and more than 7x the stock’s daily average. The move came with the company’s positive earnings announcement and news on the transformation of its core business from communications hardware to cybersecurity solutions. Price has not been this high since January 2015. Next targets: $14 and $17.

Cymabay Therapeutics, Inc. (CBAY) launched out of a 36-day bull wedge consolidation, closing up 6.9% at $8.99 on heavy volume of 786,000 shares traded and no news. Analysts have voiced strong support this year for the company’s liver disease drug, now in clinical trials, based on its potential for market leadership. The stock has risen nearly 300% during 2017. If price can close above the October 30 high of $9.40, next targets are $11 and $14. (more…)

Two Longs & Two Shorts to Watch

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Here are two stocks with strong technical momentum and two with charts that look to be breaking down.

On the long side, First Solar, Inc. (FSLR) reached a new high for 2017 on Wednesday, hitting $65.43 intraday. It closed up $2.03 at $63.24 on heavy volume of 4.6 million shares traded. The stock has appreciated by 140% since April 3 and has been tearing up the chart since the renewable energy company’s earnings announcement on October 26, buoyed by positive analyst opinion. Wednesday’s move came with news of a strong 2018 forecast announced during the session at the company’s analyst day. There is a multi-year resistance level at $71. But if the stock can close above today’s high, $70 may not be far away.

Nutanix, Inc. (NTNX) rallied 3.5% Wednesday, closing at $35.20 on light volume of 3.1 million shares traded. The move up came with news of a positive research note issued by a Raymond James analyst. The stock has risen by 140% since May 1. Price has been consolidating in the $32-$38 zone since the cloud technology company’s earnings announcement on November 30 and spiked up to the top of its rising price channel that day. There may be some continued short-term consolidation but next targets are $40 and $42. (more…)

Two Longs & Two Shorts to Watch

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Here are two stocks with strong technical momentum and two with charts that look to be breaking down.

On the long side, First Solar, Inc. (FSLR) reached a new high for 2017 on Wednesday, hitting $65.43 intraday. It closed up $2.03 at $63.24 on heavy volume of 4.6 million shares traded. The stock has appreciated by 140% since April 3 and has been tearing up the chart since the renewable energy company’s earnings announcement on October 26, buoyed by positive analyst opinion. Wednesday’s move came with news of a strong 2018 forecast announced during the session at the company’s analyst day. There is a multi-year resistance level at $71. But if the stock can close above today’s high, $70 may not be far away.

Nutanix, Inc. (NTNX) rallied 3.5% Wednesday, closing at $35.20 on light volume of 3.1 million shares traded. The move up came with news of a positive research note issued by a Raymond James analyst. The stock has risen by 140% since May 1. Price has been consolidating in the $32-$38 zone since the cloud technology company’s earnings announcement on November 30 and spiked up to the top of its rising price channel that day. There may be some continued short-term consolidation but next targets are $40 and $42. (more…)

Earnings Winners Breaking Out

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Here are four stocks to watch riding positive earnings announcements.

Health Insurance Innovations, Inc. (HIIQ) broke out above a key resistance level on Tuesday, up $1.50, or 6.7%, closing at $23.70. The move above the $23 resistance level, which came on light volume of 945,700 shares, saw price cross over to the positive side of the 50-day moving average for the first time in two months. The stock is bouncing back from a steep decline in September, and has been climbing in a rising triangle pattern since its bottom at $12.65 on September 28. A week ago, the Web-based health coverage provider topped Wall Street’s expectations in its earnings report. Next targets: $27.75 and $33.

Lannett Company, Inc. (LCI) shot up and out of a bull wedge consolidation, gaining 15%, or $3.25, to close at $24.43 on very heavy volume of 2.1 million shares traded Tuesday. The recreational vehicle components manufacturer has thrived in the booming RV market, reporting unusually strong sales in its earnings announcement the day before. Price hit the resistance level at $25, which mirrors the October 16 high and forms a double top pattern. If the stock can close above that top, next targets will be $28 and $33. Short interest of about 23 times its average volume could fuel the move as shorts cover on a rally. (more…)

Four Biotech & Health Stocks to Watch

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(Note from Tim: I have provided a hyperlink to the SlopeCharts for each symbol.)

Ignyta, Inc. (RXDX) popped 7%, or 95 cents, Tuesday, closing at $14.35 on heavy volume of 1.4 million shares traded. The move came on news of both positive clinical trial results and an announcement from the European Medicines Agency that it has given special designation and support to the company’s tumor drug. The stock has been on a strong march up since it broke above its bull wedge consolidation pattern on October 2, when the biotech company had announced positive drug data. There is significant lateral resistance around $15, notable because price could not persist above $15 the last time it was this high in December 2015.  Beyond that, the rising channel top points to the potential of $22-$24.

Mirati Therapeutics, Inc. (MRTX) rose 55 cents to close at $14.25 Tuesday on no news. The stock has gained 400% since May 31. Price has been consolidating in a beautiful bull flag pattern for the past 9 days. If there is a return to momentum in the biotech sector, this oncology drug stock may run to $15.50 again in the short term and $20 soon after that. (more…)