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ACAD, I, IDRA, VKTX — Stock Charts to Watch

Charts of the Day video for Tuesday October 16th, 2018


ACADIA Pharmaceuticals Inc. (ACAD), which I put out as a swing on Tuesday, because this stock has been very toppy. A longer-term pattern shows a big run-up that took this from under a dollar in 2010-11, all the way up to over 50 in 2015. After a massive, multi-year top, it came down, broke support to below 12, and snapped back sharply. The current pattern shows that the declining topsline and channel were taken out with a super surge, it consolidated for about 2 1/2 weeks, and on Tuesday it popped 1.64, or 7.7%, to 22.92, on 3.7 million shares. With the increase in volume at 3.7 million shares, and the OBV holding up steadily, it’s slightly moving up. I think it may start to accelerate. Minor resistance is at the 26-28 zone, which is my target zone. Once it gets through there, I’m looking at 32 and 33.

Intelsat S.A. (I) is a monster stock. Ever since we first spotted it running in the 3-4 range, it’s now at 36 plus. On Tuesday, it was up a whopping 4.14, or 13%, to 36.58, on 5.4 million shares. It broke out of the pattern it was in, and I’m looking for an extension that takes it to 42.

Idera Pharmaceuticals, Inc. (IDRA) gained 68 cents, or 8.44%, to 8.74, on 226,651 shares traded. The swing trade we put on it around 6.19-.20, ran up, pulled back, popped, and formed a large wedge. It looks like waves one and two are completed and wave three should take it to 12 1/2-13, which is my next target.

Viking Therapeutics, Inc. (VKTX), which had a big explosive move and pullback, kept drifting lower. On Tuesday, I believe, it popped out, advancing 1.06, or 7.46%, to 15.26, on 3.9 million shares, closing at the upper end of the range. But the volume wasn’t heavy enough. I want to see volume that is in the 6, 7, 10 million range. There’s resistance around 16 3/4. That will be my next target, if it follows through. If it does, I’m looking for 16 3/4 and 18 1/4 going forward.

Stocks on the long side included ACADIA Pharmaceuticals Inc. (ACAD), Aldeyra ACAD, AMRN, I, IDRA, Viking Therapeutics, Inc. (VKTX) Therapeutics, Inc. (ALDX), Amarin Corporation plc (AMRN), Blink Charging Co. (BLNK), Boston Scientific Corporation (BSX), CareDx, Inc (CDNA), Cerus Corporation (CERS), CryoLife, Inc. (CRY), FireEye, Inc. (FEYE), Guardant Health, Inc. (GH), GOL Linhas Aéreas Inteligentes S.A. (GOL), Intelsat S.A. (I), Idera Pharmaceuticals, Inc. (IDRA), Direxion Daily S&P Biotech Bull 3X ETF (LABU), Noodles & Company (NDLS), NIO Inc. (NIO), PagSeguro Digital Ltd. (PAGS), Tesaro, Inc. (TSRO), and Viking Therapeutics, Inc. (VKTX).

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