5 Stocks to Keep An Eye On: ABIO, CSCO, DRYS, EK, VVUS

DryShips Inc. (NASDAQ:DRYS) suffered another day of profit taking with a 1.83% pull back but traders bought the dip at $5.90. Today’s stock price action looks like further consolidation after Friday morning’s big spike up. The technical picture is mixed but the medium-term trend is bullish and I suspect that DRYS is poised to move higher from here. My first target to take profits is at $6.83.

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The big news with VIVUS, Inc. (Nasdaq:VVUS) today was that Orexigen’s drug Contrave had cleared a major regulatory hurdle on the road to approval. I believe it was today’s news that accounted for VVUS big volume today. Usually when we see big volume and no movement with a stock near its highs I suspect it’s distribution and bulls should turn more defensive. At this stage, the stock might be due for a rest so watch for a dip back toward $8.70. A closer look at the RSI reveals that the stock is extremely Overbought. On the other hand, fresh exposures may be considered on a move above $9.32, with a stop-loss at $8.70.

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The overall trend in Cisco Systems, Inc. (Nasdaq:CSCO) remains bearish but looking closely at the chart below we can see that in the short-term the stock is trying to bounce from oversold conditions. I’ve been concerned that the lack of downward momentum at this level is suggesting a short-term bottom. Before buying this stock, I want to see the price break the resistance of $19.70 and the 20 day moving average to the upside. On the other hand a drop under $19 would be very bearish and reinforce the downtrend.

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ARCA biopharma, Inc. (NASDAQ:ABIO) continues to sell-off and on big volume, which is normally a bearish sign. The stock lost 9%. In terms of technical levels, the next major support is seen at 3.10 followed by 3.01.

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I do not see any significant changes from my previous updates on Eastman Kodak Company (NYSE:EK). The stock continues to look bullish. Keep an eye for a possible breakout over $4.85.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.

About Antonio Costa 324 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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