This past Monday, after Vaxart, Inc. (VXRT) popped above key technical resistance, Mike Paulenoff posted a timely update alerting MPTrader members to a potentially significant upside breakout:
"VXRT has again climbed into heavy, but very consequential resistance from 8.30 to 9.45," Mike wrote. "If VXRT can chew through the resistance zone, it will be poised for upside continuation that projects 14-15 in a 'normal' market. We all know that once these Covid-related names gain traction, they are anything but normal. VXRT is in Phase 1 Trials testing its oral (pill form) Covid vaccine drug."
VXRT was trading at 8.44 at the time, and two hours later the stock was at 10.56, taking out all resistance since mid-August -- and still on no news.
Mike wrote: "In the absence of company or drug product news, I am thinking that just maybe VXRT's 35% short interest is what is attracting buyers to the name, which seems to be the new game in town... I am just guessing that perhaps that is one reason it is flying, but I am also hearing that the ARK Innovation Fund bought VXRT at 8.10 this AM-- you know, the folks who bought TSLA, and ROKU, etc, which certainly has some coattails."
Mike continued to closely monitor and post chart updates on VXRT for MPTrader members throughout the week, with the stock reaching as high as 13.50 on Friday before closing the week at 11.98, up 42% above its price at Mike's alert on Monday.
What next for VXRT in this upcoming week when the company is expected to release data from its Phase 1 Covid Vaccine Trial, and from earnings?
Join Mike and our MPTrader members as they closely monitor the trading and pattern development of VXRT, as well as many other individual stocks, sector ETFs, macro indices, and precious metals.
Eight weeks ago, Mike Paulenoff discussed the budding technical setup and upside breakout in CRWD (CrowdStrike Holdings) with our MPTraders members, writing:"CRWD has followed the bullish scenario we discussed in late August, and in fact, today (10/06/23) has thrust above 5 months of resistance to new recovery high territory at 176.32. Although my next optimal upside target zone is 190-200, the BIG picture setup points to 230-240 thereafter... Last is 174.86...
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.