PPR - Pocket Pivots for July 22, 2013: INVN, ACT, BIIB
Actavis (ACT) broke out of a low range within its base on a pocket pivot move. For all practical purposes this can also be seen as a low-range base breakout without having to exceed the peak on the right side of the base given the pocket pivot signature. Keep in mind that the company announces earnings on Thursday.
Biogen Idec (BIIB) flashed yet another pocket pivot as it found support in between its 10-day and 50-day moving averages following a mid-day sell off due to reports of a death of a patient taking one of its drugs. This is BIIB's fourth pocket pivot in 8 days, and took the stock to a higher high as it continues to clamber up the right side of a potential new base.
Invensense (INVN), which is squirrelly by nature, sold off earlier in the day but found support off the 15 price level to flash a supporting type of pocket pivot buy point as it closed just above its 10-day moving average. INVN announces earnings at the end of July. The Street is looking for estimates of 12 cents a share, and INVN might be a candidate for an earnings beat here.
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