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.
On Friday June 17, Mike Paulenoff posted an alert to MPTrader members about an emerging setup in AMZN:
AMZN is one name that pops out at me that should benefit from an initial and sustained correction in traditional energy and transportation costs. AMZN needs to climb above and sustain 110 for my work to generate a more confident technical signal, otherwise, I cannot rule out another loop down that tests and breaks key May-June support at 101.26 to 101.
Last Wednesday, prior to the official FOMC rate hike of 75 bps, Mike Paulenoffwarned MPTrader members about the likelihood of additional weakness in the beleaguered home builders, writing about the ITB (iShares US Home Construction ETF):
In that, neither my pattern work nor my intermediate-term Momentum gauges offer much technical confidence that ITB will be able to carve out a meaningful corrective basing area in and around 53.
Back on May 13, amid a thrust in the price of Crude Oil from $95/bbl to $112/bbl, Mike Paulenoff alerted MPTrader members to an actionable technical setup in energy producer PSX (Phillips 66), writing:
My work has been extremely friendly since the beginning of May, looking for PSX to break out of its 11-month corrective accumulation pattern that will trigger a thrust towards a potential target zone of 110-115.
On Thursday May 19, in the midst of some serious weakness and carnage in the retail sector that had equity market-watchers doubting the resiliency of the almighty US consumer, Mike Paulenoff turned MPTrader members attention to PARA (Paramount Global), writing:
For the past 5 months, we could make the technical argument that PARA has carved out an accumulation-base formation that attracts buyers every time the stock dips beneath 29.00. We can also make the case that every time the stock climbs above 36.
On March 11, with AAPL in a month-long down-leg and trading at 156.34, Mike Paulenoff posted a relatively bullish analysis for MPTrader members, writing:
I am watching AAPL more closely than usual these days, as a bellwether for the health/vulnerability of the overall market.