Where is SOLY (+37% from our initial alert) headed next?
by Mike Paulenoff
March 22, 2021 • 11:51 AM EDT
Soliton (SOLY) rallied 37% in the weeks after Mike Paulenoff highlighted it for MPTrader members on March 10. Where's it headed next?
SOLY is a medical device/biotech company developing a promising product, with a 2-year chart setup that caught Mike's attention early in the year, suggesting sooner than later that price would reflect the underlying company fundamentals.
Early on March 10, with the stock at 13.65, Mike wrote: "SOLY continues to exhibit an extremely promising and potentially explosive intermediate-term set up. Let's notice that into last week's weakness, SOLY spiked down right to its up-sloping 50 DMA (now 11.22), which contained the price pressure, and served as the launch pad for a sharp recovery into a near 2-year resistance zone from 14.00 to 15.50. If SOLY either chews its way through the resistance, or is the beneficiary of a forthcoming bullish catalyst, it has potential for a vertical assault to 20-21 and then to 25-26. At this juncture, anyone long SOLY should use the 50 DMA as a stop level."
Mike continued to monitor SOLY closely thereafter, and noting last (on March 15) that the stock had taken out 10 months of resistance at 13.80-15.50, and looked higher.
The following day, SOLY popped to 18.63.
Where's it headed next? SOLY closed at 17.38 on Friday, atop its two year resistance zone, which now serves as support.
Join Mike and our MPTrader members for their laser-focused discussions about promising technical and fundamental set ups in stocks, ETFs, macro indices, cryptocurrencies, and precious metals.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On May 22, we introduced a budding bullish technical setup in RIG (TransOcean Ltd) to MPTrader members, noting:"RIG (TransOcean) is up 7% today, a thrust that immensely improves the technical position of the stock. RIG exhibits an extremely powerful near and intermediate-term setup that points to a next upside target zone of 6.80 to 7.10, but when overlaid on my attached Daily Chart, projects to 8.50... last is 6.36.
Well before the Artificial Intelligence (AI) hysteria was unleashed this past Thursday by the shockingly powerful earnings report from Nvidia (NVDA) that reset expectations for the growth and revenue potential of AI, our technical pattern analysis of MRVL provided an early heads-up for MPTrader members.
Just after the start of the New Year, on January 9, Mike Paulenoff posted the following missive to MPTrader members about EWJ (Japanese Country Fund ETF):In my reading and research this weekend, my eyebrows did a bit of a backward roll when I saw the budding technical setup in EWJ.
On April 21, AAPL climbed to a new 8-month recovery high of 168.16, representing a 35% gain from the January 2023 low. We alerted MPTrader members to the new high in AAPL, but attached a yellow caution flag to the update:"AAPL continues to intrigue me technically because the stock hit a new multi-month recovery high at 168.16 on Wednesday -- 35% above its Jan 3rd low, but stalled right at its 15-month resistance line that cuts across the price axis in the vicinity of 168.
On March 20, I posted the following technical alert to MPTrader members:"FCX (Freeport-McMoRan)-- Technically, let's notice that FCX appears to be in the U-Turn phase after the completion of a 7-week 25% corrective period that successfully tested the 200 DMA last week. If the commodity complex has fully corrected its post-pandemic-inflationary spiral bull phase (think Crude Oil, down 46% from its 2022 highs), then FCX with its concentration of Copper, Gold, Silver, and Oil is poised for a resurgence of strength...
