I have not gone through them all, but a few charts either stood out to me or were charts of interest to me for various reasons.
MDGN - fired a long daily squeeze a few days ago - delayed response Friday. Charts on most timeframes go bottom left to upper right except daily and weekly. Above all but 200 on daily. $6 appears to be key. It can keep playing nice in its channel - hitting ceiling now or break out and retest the break to create a base to go through $6. I would prefer an attempt at channel break as that would allow RSI to actually reach the 70 level I mentioned elsewhere and get overbought. On weekly, a squeeze just missed setting up as the rally caused the BB to bounce off the upper Keltner instead of crossing. The lower bounds are in squeeze (does not count however) with the BB inside of the Keltner (BB central point more sensitive to recent price increase). Price is hitting the upper Keltner and BB. BBs are now entering expansionary move as a result. A move through the daily channel would force an even wider BB expansion and lead to future higher prices.
DEPO - already picked this before seeing weekly. Let's start there as the weekly squeeze just fired long with stock closing this week above both Keltner and BB. This will force the squeezed tight bands to expand. Price is up YTD. One of a handful. Lots of volume traded at this level ($20) throughout Oct-Dec with the last 3-4 closes above $20 on a weekly basis coming back in Sept/Oct as it was breaking down. $20 has contained price since with lots of closes just below with tails above and then lots of tails being contained by $20. Last week, it closed right near $20 on a 1-way candle (was a small lower tail but closed on the high). This week it went through. On a daily, it has a 38% retracement from one down move (July top) at $20.54 with a 50% retrace from the Sept top at $20.98. The Nov top is at $22.1. A 50% retrace from the July top is near $23.11 with a 61% retrace from Sept at $23.01. If this thing really got bullish, a 61% retrace from the bigger top is near $25.67.
ARIA - basically near 52 week highs excluding the move in August with takeover rumors. Very strong uptrend, but still not enough to drive RSI through 70. Actually RSI is negatively diverging with this recent rise since the early March top. Since then price went sideway eventually breaking out while RSI has slowly come down. Again in recent rally higher RSI (and high for rally) was hit earlier in rally - RSI in small downtrend. Daily squeeze is still effective but dying of old age at 10 days or so. MAs are beautifully stacked. RSI stubbornly staying above 60 though which is bullish. 50-55 contained every up move since last June with exception of the August takeover rally and the current uptrend from the Feb lows. Now 45 on the downside is supporting every down move. BB's on weekly have widened to near 4 points from 2 in March with no squeeze though. Price has hit the upper BB or Keltner channel every single week since 4/4. It closed right on the upper BB this week.
RARE - in weekly squeeze with negative momentum about to flip positive. I don't like recent price action from high 70s to high 50s in nanoseconds but stock still constructive. It was rejected this week by the 21EMA on weekly basis. It has been contained on a daily basis by a down trend line from the July highs (acted as support and resistance on way down from July to February). It contained moves in early and late April, the first near 78 and the second near 77. The line is near 73 currently. A daily squeeze lower from early May has concluded and momentum is back positive. BB and Keltner channels are very very tight but no squeeze is near signaling - can still widen anyways. Price pushed the daily BB Wed and Thur but not Friday. RSI in downtrend. In a wedge on weekly basis. Any move higher of about Friday's loss likely breaks such wedge. A squeeze on the 15 min chart took it down Friday but has finished and a new one has formed and momentum just went positive. Also squeezes on other 30 min - 2 hour timeframes with declining negative momentum. 67.90-68 is strong support ST having been hit numerous times since Tuesday with a few pop throughs but immediate recoveries with only 1 close lower before recovering each time.
CARA - Scary thing is I have gotten to where I can tell certain patterns at a glance. On 15 min squeeze trigger higher (bar 1 at close Friday). It WAS in a three day rectangle about a dime to 15 cents wide (with excursions outside but nothing major, and mainly below until the close). Higher timeframes on intraday basis up to 2 hours also in squeeze with momentum now positive. If the 15 min (not sure how it acts over long weekend) is effective, the 30, 39, and 78 min charts will fire and the stock could be a bit higher quickly (couple percent). The $6.15 it has been playing with is the 38% retrace from the late Feb high to the next low. $6.72 would represent the 50% retrace. A daily short squeeze fired 3 days ago and failed immediately as momentum shifted from red to green. Only 1 bar of the fire was red and given the nature of the bar, it was obviously not tradable - could go higher or lower. It took 3 bars to indicate its hand. On the weekly, there is a cluster of moving averages just above. $7 significantly improves the picture. Bollinger bands are collapsing. I think part of this BB collapse we are seeing on all bio charts is the massively reduced price. Volatility as measured on a $ basis collapses as price is lower.
ITEK - It had a severe whoosh down on earnings day (assume some news on a clinical program). As a result, its best in class chart at that point is damaged. Momentum is weak. Stock is below all key MAs. BUT on the weekly chart, its momentum on the squeeze indicator is STRONLY positive despite the 1 day/week fall. Its first week strongly above zero was the week of the big move down. Bottom bollinger and Keltner channel are crossing but no squeeze given no cross on top bands as price remains closer to top bands than bottom bands (allowing bottom cross but causing top cross to be even less likely given the way center line works differently for each indicator). Price bounced back up off the 13/21 EMAs and straddled the 8 EMA during the week, closing just below. Chart printed a doji the week after the big negative print and last week appears to be maybe be a second doji, but body is slightly too wide perhaps. Occurring at key MA support and after a big whoosh down, my read is the dojis are perhaps telegraphing a flip back higher, although one could argue they are more indication of a change to a trend down. Lower timeframe charts become more important in such situations. The 15 min is in squeeze and has been so since Thur afternoon, first appearing to want to fire long then short and now momentum is again above zero and strengthening with the last surge higher in the mkts generally on Friday. $9 on the dot is key top price level last Thur and Fri. Needs to break there first. Chart spent two days playing with $9.1 the way it played with $9 late in week so that is next. 39 min chart had a squeeze fire short for 1 whole bar before flipping back into indecision on Wednesday. It just flipped above zero on Friday late afternoon (looks like zero on chart but enlarging shows it is above zero with momentum still strongly moving higher). 78 min in squeeze too, with momentum minor negative although direction of mo just changed to improving but very slowly. 195 min chart same. $9 btw has held price for 1 1/2 weeks, ever since the big down move. It has been cycling around $9 since. 4 hour exactly like 195 min.
AGIO - In squeeze on weekly. Momentum bar just above zero and ST momentum well above zero with LT momentum still weak. RSI on daily in an uptrend but still stopping well short of 70 most trips. It did hit 70 though (one of few bios to do so) in mid April. Price is pushing the upper BB/Keltner channel, three days running. 200 day in view up 10%. 15 min just fired long. 39 min in squeeze with momentum declining just above zero. On the 195 min chart it is mid channel in a pretty strong uptrend just above a down trend line drawn from the 4/25 high to the mid May high. On the 4 hour chart there is modest resistance right here from a wedge top connecting late April prices to early last week prices - should be weak resistance as current near area prices are part of the line. It too is up trending channel. It bounced down from mid channel last week. The channel and down trend line meets this week but the down trend line does not hit channel bottom until early June. On the daily a see a cup and handle where the handle is a second cup. Target would be 75. On the daily, I tried to draw trend lines from early highs to pin in current prices - could not do so. All such lines are below current price. On this basis, price is just bouncing off lower channel support. If price stays in the channel the cup and handle objective would be met in mid July.
SAGE - Below all key daily MAs. In a triangle resolving soon. Flat line at $30 (general support since Feb with occasional trips below). It has been hit daily over last 2-3 weeks and held tails in all but 2 cases, holding closes on those two. Trend line down from late December high to late April/early May highs is the top declining line. The wedge must end by mid June. On weekly, nothing much to like. In squeeze. Same 30 area key support from Oct 2014 btw. Wedge on 15 min chart. Both lines pretty secure. They meet Tue by 10:30. I think price could move a few percent on Tue. First guess is higher but the open is too late to buy because if lower open, then lower may dominate and vice-versa. 39 min squeeze very long in tooth without firing. Momentum on the squeeze strongly increasing well above zero. 1 bar squeeze on 78 min chart. Momentum well above zero and increasing. 195 min squeeze 6-7 bars long with momentum BELOW zero but next bar will be above zero. 4 hour in squeeze 7 bars so far. Momentum just passed zero to positive. SO a move up on Tue probably sets up a rally that would carry into the following week.
(PS - I hated these charts and am surprised by my conclusion.)
AMAG - Entered chart on a 39 min basis, and first thought, was how did this company do so badly this year? On 39 min, bottom left to upper right. Above all MAs. Strongly trending. Going to 195 min you see the big recent decline. And you a squeeze that fired and may have 2-3 bars left. So call it another day or so of rally maybe. Not a bad squeeze - 6-7% so far. I wish I had been paying attention - it's not like stock wasn't cheap on a fundy basis. Same thing on 4 hour. Wedge on daily with resolution similar to one above - forget which - mid June. Current placement of wedge top and bottom: 23 and slanting down vs. high 19s and flat. The weekly is a mess. I have never seen this. 3-4 failed squeeze triggers in last month and a half. It fired short twice in March/early April and went up immediately. It fired I cannot tell which way in later April and went down slightly. And it fired short last week and went up. Low is near previous week's close. I assume it will be back in squeeze next week. But these patterns indicate extreme indecision, not something good this close to lows.
XBI - Very overbought on daily using stochastics as measure. RSI actually has been bottoming at 40 lately and got close to 70 in early April, so more bullish tone. I have fib targets near 58, 61 and 66. Weekly squeeze entering third week next week with momentum essentially a freckle above zero. This is first time since August it has been above zero on momentum in the squeeze. Top of megaphone pattern projects to $62 if hit this coming week. 15 min squeeze fired long. An older trend line is support near $56 - got awfully close late in week. There is a clear stair step pattern on the 39 min chart. $53 10 days back, $52, back to $54, $55, $56, $57 then back to $56 and back up. It is above the downtrend line from earlier in week highs. In squeeze on 39 looking to fire long right now. In squeeze on hour chart with no clear direction but higher at moment. On 4 hour resistance is near $58, level of both of the last 2 tops. Back to weekly, the full stochastics got overbought on 4/11, back off but stopped at the mid line and is now crossing the signal line again to the upside. The last time this happened was in May of last year. XBI moved from $68 that week to $91 2 months later. A catch of the stochastic bar mid level is highly bullish usually. The initial rally off the first plunge back in April was contained at the mid-line (the opposite way). XBI, despite being overbought, appears to me to still be a BUY.
I have to admit I came into this session expecting the charts to look worse than they do. The sector is extended on daily and yet many key decisions that effect the next few months are in play here. This happened in broader mkt last few weeks and it looked likely to signal 1975 for SPX and in fact triggered a pattern intraday TWICE indicating such BUT the mkt did not stay there and instead busted higher. I am interested to see what happens with bios. Evidence would suggest with Nazz leading SPX in last week, and with bios leading Nazz, and with bios at clear decision point while Nazz in process of breaking higher, that as improbable as it may sound, higher prices are in store in bio land.
Election year timing would suggest btw that June is actually favorable in election years. Part of this I think comes from fact that only a few recent Junes are included (June used to be a favorable month but started worsening 10-15 years ago). But if we follow traditional election pattern, we should top in about a month overall. Bios have seasonals suggesting higher prices into June 5, weakness, strength from late June into July 5, weakness.
Jon
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