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A month ago, I did a bullish post on Bitcoin (you read those two words right – – bullish and bitcoin) when it was about $3800. It’s up about 40% in just a month’s time, and I maintain that getting to $6,000 is the logical stopping point.
OK, it’s a pretty dull day (the S&P is up one-fifth of a single percentage point), so while we await the Fed minutes, here are a few dazzling long patterns.
Disney (symbol DIS) looks ready to break out of a quite well-formed triangle pattern. As spectacular as this stock has been, its P/E is incredibly low for this insane market (only 15).
Two biotechs and one technology stock top our list of charts to watch with strong technical momentum.
ChemoCentryx, Inc. (CCXI) gained 39 cents to $14.47 on 643,300 shares Wednesday, following through on Tuesday’s gains. The biopharmaceutical company, which is developing medications for inflammatory and autoimmune diseases and cancer, announced Tuesday it will be presenting at the H.C. Wainwright Global Life Sciences Conference on April 8. The stock is now up over 40% in the last four weeks since the company released earnings that beat Wall Street expectations, and is now approaching a resistance level and initial target at around $15. A break through there could lead to $17.
Amazon looks poised for more gains. And why not? Its P/E is a cheap 90!
