OncoNova Therapeutics, Inc. ONTX
ONTX is hitting the scanner as a premarket gapper this morning, on the heels of a PR announcing a “pivotal” Phase III drug trial. (>>View PR)
The stock’s 1-year analyst price target of $5 doesn’t seem all that far-fetched, especially if ONTX can break past resistance in the channel between 3.00-3.25 as we’ve outlined on the following chart snapshot. Also looking ripe are the RSI which is creeping toward the 50-line, and the MACD in the midst of bullish cross.
We’ll continue to keep an eye on the stock today and into next week.
Tesla Motors, Inc. TSLA – Options Idea
To carry on our recent tradition of presenting weekly options ideas on Friday (which has yielded us some truly epic gains), we have TSLA. Remember, trading weekly contracts so close to expiration carries added risk, so we always need to exercise extra caution when doing so.
The stock is responding well to news that the company’s share offering would be increased to nearly 2.7M shares, or $642.5M. As a result of this increased activity, we’ve identified the range in which the heaviest action is likely to occur in the event of a sustained uptrend.
Our main target area will be TSLA Weekly $242.50-247.50 Calls. We’ll of course begin with the lowest strike price, which is currently in the money, and roll it up from there as needed, depending on how the day’s trading activity unfolds.
Potential Bottom-Play
Pacific Sunwear of California, Inc. PSUN – We also want to quickly make mention of PSUN, which we’ve noticed has come down to new 52-week lows. As our regulars our well aware by now, these sorts of plays have been an area of extreme success lately. Just take a look at the chart to see what we mean. This is a stock that is sorely due for a rebound, and we intend to be watching closely for when that occurs.
Extended Watchlist:
PBMD, AREN, FIT