Watch List Picks For 17 January 2017: BCRX, BDSI, GALT, MNGA, MDMN

The following stocks in my watchlist turned in a daily close over the previous day’s high, which is one criterion that I use when looking at potential entry points for the AIM strategy:

BCRX (Biocryst Pharmaceuticals)

BCRX looks like it’s making a reversal from a significant support zone after a retracement from its previous high.

On the monthly chart, the stochastic RSI indicates that there’s still room to run higher, but the candlesticks are looking a bit toppy to me, so if I entered a position here it would probably only be 30% rather than my more usual 50%.

BDSI (Biodelivery Sciences International, Inc.)

BDSI is making what looks like a reversal on the long term monthly chart, and has started making higher highs on the daily (I took a position at 1.89).

GALT (Galectin Therapeutics, Inc.)

GALT closed above the rising triangle formation it’s been in since November on the daily chart, heading – I hope, LOL – toward the gap fill at 2.34.

On the monthly, it’s coming up from a long term support zone, with the stochastic RSI curling up from oversold, with lots of potential upside.

MNGA (Magnegas, Inc.)

I don’t currently have a position in MNGA, but the only reason is because I don’t yet have enough spare cash, which is annoying because it’s in a great accumulation position. It’s making new highs on the daily…

…and on the monthly, you can see that it’s coming up from a very strong historical support zone with oodles of volatility.

MDMN (Medinah Minerals, Inc.)

Mining companies are definitely seeing some good days, and I have to say that I was attracted to MDMN by its ridiculous potential volatility and the fact that it’s coming up from a long term support zone. I don’t have a position in this one, but I’m probably going to sell some cookies so I can raise enough money to buy some shares. Here’s the monthly chart:

And the daily, which is making higher highs and pushing into the resistance zone of the Ichimoku cloud:

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