While not a great green weekly bar, it was still a decent one.
Price barely closed above the downtrend line. so the bull must work hard next week so as not to give up the momentum to make new historical high.
$AMRN continued higher with a solid green weekly bar.
Per my prediction last week, last week doji bar was indeed the “pausing before continuing” bar. This week closing is important ’cause price is now above the $1.84 resistance as well as being above the 79 MA resistance. Next resistances are now at $2.06 and $2.15. Meanwhile, the interim data review is ongoing and we may know something by 2nd-half of this year to see if Amarin’s Reduce-It trial will be halted due to efficacy.
Giving 200 million statin prescriptions are written annually, even if doctors prescribed Amarin’s Vascepa along with 10% of this 200 million statin prescription due to successful Reduce-it trial result, $AMRN will surely becomes BP in its own right. Anyone knows the average market cap of BPs? Now compare this market cap to Amarin’s current market cap. Don’t you want to own some shares for a bet that can give you a superb return with risk that is acceptable due to past successful trials such as the Japanese Jelis Study as well as other EPA related studies already available. Of course, all these other studies do not guarantee Amarin’s Reduce-it will succeed but it definitely reduce the “risk” to a more palatable and acceptable term. In other words, IMHO, the risk/reward for taking the trade in $AMRN is mind-blogging in favor of the long side.
$ARTH, while bounced slightly after last week profit-taking, stopped the last week downward momentum. There are still a couple of months before summer so price may continue to be volatile unless preliminary positive trial news are released to keep price going higher and higher.
Notice price is now near the top of the 2-1/2 years consolidating range . With human trial result to be released this summer, I can see price breaking out of this 2-1/2 years range and shooting up like a rocket to the blue sky above. I’m curious if there will be immediate buy-out offers once the proof-of-concept is established successfully this summer.
$BIOC also bounced higher this week as well.
I believe price is on track to continue on the 3rd wave of the Elliott Wave Theory. The coming earning update will show how quickly Biocept is gaining more revenues from selling their liquid biopsy diagnostic tests to doctors and hospitals. A surprise increase will help boost $BIOC back to above $2+.
$CARA suffered profit-taking correction after receiving FDA approved to continue on their I.V. CR845 phase 3 trial. From the daily chart below, price shot up to $9 on FDA approval which is where the 79 & 89 MAs were hovering as resistances as well. Seeing imminent profit-taking, I also sold more than 50% of my position to lock in gain. I also began buying back shares Thursday and Friday.
From the daily chart above, I’m seeing major support at $6.5x and expect to see some bounce next week.
I got back into $DMRC this week due to the formation of last week doji bar (see circle in weekly chart below).
Since last week doji bar appeared next to support, I began to buy back shares this week.
During the week, I also bought and sold $SKLN. After witnessing a huge amount of shares available at the ask in Level 2 market data, I decided to unload my position for small losses after holding two days. For some reason, there are A LOT of shares being offered which practically put a damper to any rally that popped up.
Overall, my port has another strong week. Thanks to $AMRN and $CARA, my port is now a stone-throw away from recovering last year losses.
My 2 cents.
From my camera: