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!
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.
Back on March 1, 2022, Mike Paulenoff posted a technical "heads-up" about JPM for members of MPTrader.com, writing:
"JPM has broken down in glaring fashion from a 12-month Top Formation that my pattern work addressed four weeks ago in case JPM sustained beneath 139-140. Today's low at 134.15 violated my shallowest target zone of 135.50-137.50, and points next to 128-130, with an outlier target zone in the vicinity of 115.
Last Monday morning, May 2, as the equity market careened to the downside ahead of Wednesday's FOMC meeting and the prospect of the biggest rate hike in decades (50 bps), Mike Paulenoff alerted MPTrader members to a potentially significant developing technical setup in AMZN, which had hit a new 13-month low.
Mike wrote: "AMZN pressed to a new corrective low at 2367.50 this AM, a full 37% beneath its ATH.
On Thursday, April 14, Mike Paulenoff cautioned MPTader members about possible near-term upside exhaustion in YIELD and downside exhaustion in longer-term bond prices (and the TLT), writing:
"10 Year YIELD spiked to a new multi-year high at 2.84% today, but Daily Momentum remains well below yesterday's Momentum high, which is our first indication that perhaps the vertical assault in benchmark YIELD is nearing upside exhaustion.
JPM (JP Morgan) reports quarterly earnings this coming Wednesday during pre-market hours. Investor reaction to this particular report is positioned to have a significant influence on the price of the stock. JPM's outspoken and high profile CEO Jamie Dimon already has warned us that changing (i.e.
