Evoke Pharma, Inc. EVOK
Leading into yesterday’s session, some people might have looked at a gapped-down, backsliding, new 52-week low play like EVOK, and dismissed it out of hand. Those people would have missed out on the prime opportunity we provided our readers in tagging the stock for observation in yesterday’s premarket report.
Whenever we see a stock showing any indication of bounce activity off of an annual low, it puts us on high alert, and plays like EVOK are the reason for that. The stock traded in a range from 2.51 up to 3.28, a solid single-session swing amounting to 31% and it appears as if the massive gap on the chart beginning at 3.50 is already in the process of being filled, with the stock trading as high as 3.70 in early trading this morning.
We want to see the premarket low of 3.15 hold as support on any pullbacks in order to sustain our immediate interest in EVOK.
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Added Notes:
Tokai Pharmaceuticals. Inc. TKAI and CytRx Corp. CYTR – These plays are currently boasting charts that are incredibly similar to the situation we found EVOK in yesterday, with major gap-downs leading to new lows, with a hint of bounce activity in yesterday’s session. We’re going to place these stocks on alert this morning as well.
Tempur Sealy International, Inc. TPX – Options Idea
Yesterday, as we caught TPX coming off of an earnings beat, we wanted to put a range of call contracts on watch to leverage the expected subsequent activity to our advantage. Due to the fact that there were no weekly calls to track, we submitted a longer-term set of contracts, yet the gain opportunities were immediate.
Our target calls, the TPX 08/19 $70-80 Calls, all made appreciable moves on the day:
$70 Calls – Range: 3.00-5.40 – Max Gain: 80%
$75 Calls – Range: .90-1.96 – Max Gain: 118%
$80 Calls – Range: .25-.40 – Max Gain: 60%
We’ll continue to monitr these plays in the week ahead leading into their expiration.
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Fresh Idea:
Expert traders may want to take a look at AMZN Weekly $762.50-770 Calls for potential daytrades today on the heels of yesterday’s post-market earnings beat.
North Springs Resources Corp. NSRS
NSRS was also an item of interest from yesterday’s report, having been entered into the extended watchlist as a potential bottom-bouncer. We got just the type of rebound we were after, as the stock traded up from a low of .033 to a high of .043. That was good for a nice 30% gain opportunity, and the stock will remain on our radar provided it can continue to build a higher base level of support off of its bottom.
Extended Watchlist:
DNRG, SING, VHUB, SPHS, SPU, MCRB(Watching for Bottom)