We mentioned ACIA in yesterday's report as one to watch as it was nearing its 50-day moving average. Today, it opened at its 50-day then continued to trade higher from there.
TWLO, another price leader, has pulled back to its 20-day on below avg volume.
Keep in mind both stocks being price leaders are highly volatile so any temporary market weakness can cause both stocks to have sharp pullbacks. Also, both stocks are now visible to everyone so it is even more imperative to buy on constructive weakness which gives you a low risk entry point, while then selling into strength which has been the ebb and flow of these markets.
Note, MOMO was mentioned in prior reports as one to watch for constructive pullbacks. It had an initial entry point yesterday when it undercut prior minor lows, then closed midbar on below average volume, then another buy point today when it was trading around its 10-day moving average, up around 4%. Even though it had not yet achieved pocket pivot volume, unusually strong volumes early in the day are a good clue the required volume would be reached. It is now up around 9%, thus too extended to be bought at this level.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.