Stock Chart Analysis ANIK

Anika Therapeutics, Inc. (Public, NASDAQ:ANIK)

ANIK is a very low float trader, but the chart here looks solid enough to possibly risk a trade. I hate trading these sometimes because it's difficult to get out if you have a larger position, so I try to keep the positions fairly small. ANIK, much like most of the stock market corrected pretty steeply the past month. It's come back a decent amount, and is now drifting back to the 20 day sma. Sometimes these little pullbacks are weak longs locking in profits and with good money management, provide great entries. ANIK may break out if it can climb above the descending trend line shown below.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis MVIS

Microvision, Inc. (Public, NASDAQ:MVIS)

I've trade MVIS a few times this year, mostly successfully. Recently, they reported a deal with Motorola and instead of rocketing higher, it steadily sold off giving back all the post news gains. It kept dropping testing prior swing lows. I've been a bystander in this stock the past few months waiting for a low risk opportunity. Recently, it threatened to break down from an established support line, but held up, and then had a move yesterday making it back above the 50 day sma. This could of cemented the bottom here, and paves the way for a retest of the recent highs. At worst, at least now there is a clearly defined stop loss for a swing trade.


The nice thing about this possible trade setup, is that the longer term picture is pretty rosy for MVIS. It's always a good idea to trade with the larger trend, and there is no denying that MVIS has established a new uptrend. It is consistently making higher highs and lows on the weekly chart. It also clearly broke an established down trend line, and formed a confirmed reverse head and shoulders bottom. Volume is in all the right places, and it appears that this is a solid pattern. It's hard to project targets in low priced stocks, because the move from $1-4 is a 200% move yet the measured target is only 3 points from the breakout point. This still yields a conservative $7 target.


Today MVIS offered a pullback off yesterday's strong move, but held at the rising 20 and 50 day smas. This could be a decent low risk / high reward opportunity.

Good Trading,


Joey

for more analysis, check out downtowntrader.com


Disclaimer: I started a small position in MVIS today near the 50 sma. I am highlighting it because I will add to the position if it continues to move out.

Stock Chart Analysis PRSC

The Providence Service Corporation (Public, NASDAQ:PRSC)

PRSC is coiling into a triangle after clearing a several month long tight base. Volume surged on the initial breakout and has been drying up as it consolidates. There was a strong candle that gapped under the base and then closed at new highs in mid August. Sometimes these moves catch a lot traders by surprise, including some institutions. The fallout sometimes takes weeks to sort out, but usually, it's in the direction of the initial surprise move.



Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis AVNR

AVANIR Pharmaceuticals (Public, NASDAQ:AVNR)

AVNR has been pulling into a huge bullish gap for about 4 months now. It looks like it may be ready to turn higher after clearing a downtrend line drawn over recent highs. There are a few ways to draw this line and each is showing AVNR breaking above it. While it may back and fill a little, it's looking like a bottom is in. It would be nice if more volume would come in, and ideally, the 20 and 50 sma will serve as support moving forward.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis BEC

Beckman Coulter, Inc. (Public, NYSE:BEC)

BEC broke out of a nice base on a surge in volume towards the end of July. It has chopped around recently along with the general markets, but has managed to stay above the previous base. It appears that BEC is close to resuming it's breakout and could be headed to new highs.



Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis EDU

New Oriental Education & Tech. Group Inc (Public, NYSE:EDU)

EDU is a fairly recent IPO which has steadily moved higher. It appears that it may of completed an ABC correction off a move to new all time highs. While the recent low is quite a ways down, EDU may take off from here after basing on the 20 day SMA the past week. This can be a tricky stock due to the light volume, but it has the potential to make a very nice move.

Good Trading,


Joey

for more analysis, check out downtowntrader.com