I'm just doing less-than-due diligence. ;-) I read barcharts.com each day, looking for those nr. breakout with volume spikes, check for earnings reports about 6 weeks ahead, look at insider trading and shorts, and reach some quick conclusions.
Another to consider for tomorrow: AVNR. It had 25m short on 2/29. No reason for those shorts to buy to cover till the past 7 days... and really, only the past 5 have shown a little more than its standard volume of 900K shares a day. So MAYBE 2.5m -3m have covered so far. It suggests a big boom day ahead, easily reaching $4, I'd guess. Trouble is, with 132m shares out, it's rife for manipulation to try and suppress the rise so shorts can get out without super-steep losses.
But today it clearly broke above the February 6 close (about 3.30) in the final half hour of Monday's trading. At 2.75 on 2/29 when the last shorts were tallied, it's now at 3.40.
It now has support at the 3.30-3.35 level and resistance around 4.10 looking at a 2 year chart. With so many short though, I hate to set any target but unless there's a huge market drag to offset, it looks pretty uphill to me. |
