07 Mar Markets Forecasts and Stock Ideas Report- 3/7
We have been calling for a correction to the 2326-2333 area since last week. The 2401 area was within 5 points of a target we placed back in late November in our SP 500 Forecast models. We update these every Sunday in our member reports as well.
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Near term the 2364 area will fill in a gap in the charts and test the 13 day EMA line, but risks remain to the 2326 area as a typical minimal retracement for a Wave 4 corrective pattern
Biotech: XBI ETF under consolidation
Last week we pointed out 69 as an area to watch for a pullback in the Biotech sector ETF , XBI. So far working in that direction with a clear pivot at 68.60 area
GOLD- Issues at 1217-1223 as key support
Gold has been downtrending after breaking key 1236 pivot support, we now have 1210 lined up if this 1223 area does not hold.
Stocks of Interest: NBEV, VUZI, ADXS
In our last report to SR members we discussed NBEV as basing at $3.50 and a good spot to enter. We first recommended the stock to SR Members in 2016 at $2.71 per share in a full write up. The stock doubled and then some in the following months, did a financing at 3.50 recently, and now appear back in an uptrend. This healthy beverages maker is making waves.
The Augmented Reality glasswear maker may have a 2017-2018 turnaround. A recent joint venture with Toshiba may have turned the tables on the stock. It bottomed at 5.35 about two weeks ago. Extremely volatile stock, not for the feint of heart.
ADXS- Watch gap fill at 8.80, higher risk play
This controversial Biotech came back to earth stock price wise in 2016, however may now be attempting to break out of a long base pattern. A recent tie up with Amgen sparked the shares higher and developments are gaining traction into 2018
*We have a position in VUZI at the time of this article.
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