Where is SOLY (+37% from our initial alert) headed next?
![Mike Paulenoff](/assets/cdn/static/mptrader/images/mike-paulenoff.gif?id=853baf5e048aaccf8689bd216813fa18)
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
This past Monday, July 15, right after the opening bell, Mike Paulenoff cautioned our members about the technical setup in TSLA (Tesla), writing:"TSLA is in the grasp of a corrective period off of last Thurs (7/11) high at 271.00 that hit an initial low at 231.52 last Friday (7/12). The big rebound off of 231.52 to 262.72 during this AM's pre-market trading has the right look of an "intervening bounce" between two distinct corrective declines (the first being 271 to 231.52).
This week's selection for our Top Call -- VZ (Verizon Communications) -- is less a function of its recent success and more a reflection of Mike's technical setup work that projects gains in the days and weeks ahead. On June 17, one of our MPTrader members (FJB) alerted us to his fundamental work on VZ. After seeing his positive comments, Mike Paulenoff posted the following technical interpretation of the pattern setup:"... somewhere above 36.
On the morning of June 20, Mike Paulenoff posted a heads-up about AMD to MPTrader members, writing:"AMD has been upgraded this AM by Piper Sandler with a Target Price of 175. Piper reiterated its OverWeight rating and has made AMD its top big-cap pick for the remainder of 2024. Technically, AMD has its challenges and its work cut out for it to climb to Piper's 175 target. My attached 4-hour chart setup argues that for starters, AMD needs to climb above 158.
On the afternoon of May 7, 2024, ahead of earnings the next morning, this is what I discussed with MPTrader members about a forthcoming opportunistic technical set in UBER (Uber Technologies):UBER reports earnings tomorrow morning before the opening bell. My Big Picture setup suggests strongly that the bull phase that commenced in June 2022 at 19.90 still has unfinished business on the upside into the 90-100 target window.
This coming week is filled with consequential macro and micro "events," such as NVDA's 10 for 1 stock split, CPI, PPI, and TSLA's annual meeting, during which shareholders will vote to approve or reject Elon Musk's 2018, $56 billion pay package.Arguably, the most significant "event" for the technology sector, in particular, and for the major equity indices is Apple Inc.'s WWDC Conference, which begins tomorrow.