We’ve all seen MRNA, PFE, and NVAX run on vaccine development over the past couple years.
Well I’m not talking about vaccine stocks.
I’m talking about the many prospects in penny stock land that are showing signs of life today.
And it’s not just industry, I’ve been seeing moves in multiple areas of the Healthcare sector today.
From medical devices to insurance…there’s movement.
Medical Devices
Surgalign Holdings, Inc. (SRGA)
SRGA has been in a long downtrend until it found support just under $1 and started a move up over the past few days.
Forming a stair step pattern, SRGA broke above previous highs today with news of a patent issuance.
With the stock trading above the 50 day MA, the next chart highs are at 1.30 and 1.54. If the stock pulls back below the 50 day, support is sitting at the 20 day…just above the $1 breakout level.
Vivos Therapeutics Inc. (VVOS)
Another stock coming out of a long downtrend into a short consolidation period.
This chart is a little messy however. With moves up to the $3.80 range and back to under $3 for 3 days in a row, VVOS is now trading slightly above that range.
But there’s a lot of resistance just above with the $4.12 previous high and $4.17 50 day MA.
Beyond Air Inc. (XAIR)
Up 5% so far, XAIR has been trending to the upside. The stock is currently hitting resistance at $9.30, so I’ll have my eye on that price level to see if it can get over it. Without much volume today, I may be watching a pullback on this soon.
Biotechnology
Sonnet BioTherapeutics (SONN)
With a surge in volume today, SONN is currently up over 100%, but trading down to 1.64 from a high of over 2.05.
I’ll be keeping my eye on it to see where it finds support. This could be on watch for the next few days.
As you know, a lot of the big moves up lately have been followed by big moves down.
Ensysce Biosciences Inc. (ENSC)
ENSC is spiking with a decent bump in volume this morning. Currently trading at the 20 day MA, the next previous chart high is at 5.85.
Health Insurance
GoHealth Inc. (GOCO)
Here’s an interesting chart. After getting slammed a week ago, GOCO is showing signs of life.
After gapping down from 8 to 6, the stock hit a low of 4 and bounced to 5 before retracing to 4.58.
Today GOCO is making a move above 5 with resistance at the bottom of the gap in the 6 – 6.50 range.
The “fill the gap” level is at 8.
It’s important to note that lately I’ve been seeing stocks pull back after making big moves up. I’ll be watching BIOC closely as it has already retraced a large portion of its move.
The point being, it’s important to always have a plan that includes a reason to get in, a target if the stock moves in your favor, and a stop that limits risk if the stock doesn’t move in your favor.
The overall market has been showing more volatility lately, so it’s even more important to keep a tight lid on your risk and only take your top trade setups.
