American Apparel Inc. APP
When we began pounding the table on APP on Wednesday this week, it was for good reason. On that day we observed a low of .63. The chart was sending out bullish signals left, right, and center, and yesterday proved to be quite a day as the stock made a 58% intraday move from .72-1.14. That high also marked an overall increase of 81% over the low we witnessed the session prior.
APP is maintaining a majority of those gains, trading above a dollar in the premarket today so we’ve been provided with plenty of opportunity to take profits as the stock is on its way up. It remains to be seen if new CEO Paula Schneider can right the ship over time, but for now APP has given us the chance at some excellent short term gains.
Per the chart, 1.20 and 1.30 appear to be the next key areas of resistance. In order for us to remain interested in APP moving forward, we’ll need to see it maintain support at or above the .85-1.00 range.
Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG)
We’ve tracked JNUG regularly this fall, and after tagging it in both Tuesday’s and yesterday’s extended watchlist, this ETF has gained a sizable bit of ground. Tuesday’s low was set at 1.82, meaning that as of yesterday’s high at 2.78, we saw a 53% increase out of JNUG over just a three-session span. That low also marked the 52-week low, so our timing here really couldn’t have been any better.
We also want to note that per a recent PR, Direxion will be enacting a 1-for-10 reverse split of the shares of JNUG on Dec. 23rd (This Tuesday).
Other Notable Movers From Yesterday’s Report
Yesterday’s newsletter also yielded an additional three chances to reap intraday profits:
Totally Hemp Crazy Inc. THCZ – Range: .013-.018 – Gain: 38%
Agenus Inc. AGEN – Range: 3.59-3.96 – Gain: 10%
Real Goods Solar, Inc. RGSE – Range: .63-.70 – Gain: 11%
Extended Watchlist:
CERS, MOLG, FMD, TRXC, SVM, ORE