For the most part, Top Equity News has focused on the macro, big-picture view of the market and geo-political events, and how they could impact equities; getting our stock and ETF ideas from the overarching trends and news.
Today, TEN is going to switch to a bottom’s up approach and highlight a few stocks with short-term buy signals. It’s an individual stock thing based on our proprietary technical analysis screens.
First up is Medivation, Inc. (MDVN), it’s a biotech with a phase 3 cancer drug waiting on approval from the FDA. Last night, Medication triggered our breakout alert when it blew past its 52-week-high on heavy volume. The burst created a bullish MACD crossover which could activate buy programs across Wall Street.
When MDVN moves, it moves big. That can work for or against you. For our breakout stocks, the rule of thumb is a 1 to 5 day hold. To mitigate risk, we recommend putting a stop loss order in $1 dollar below yesterday’s low of $49.57.
Rounding out Two-fer Trading Tuesday is IMAX Corporation (IMAX). Perhaps you are familiar with the incredible IMAX movie and entertainment experience? Super high-def on gigantic screens with unbelievable sound, it’s the ultimate cinematic experience.
IMAX passed through our strict 50-day buying criteria. Shares surged on news that IMAX and Cinemas Guzzo agreed to a revenue sharing agreement. The report moved IMAX’s price decisively above its 50-day moving average on dynamic volume.
The stock has been trending upward on higher highs and higher lows, a dead giveaway for future increases in the price. TEN believes IMAX is on the road to $23 after closing Monday at $20.23.
Another plus day and its 12 and 26 day-averages will bypass the 50 day-mark. When the moving-averages line up in bullish formation, with the shortest time frames on top, the point where they crossover is usually a good entry-point. That could be today.
As long as IMAX stays north of $18, TEN believes the uptrend will remain intact, and investors should have a chance to cash out near $23. Once again, we always suggest limiting your downside with stop loss orders. In IMAX’s case, $17.75 is about as low as TEN would go.
Trading Tuesday – Two Stocks that are Positioned to Move Right Now is an article from: 
