The equity put call ratio today came in at .48. That's the lowest level in 13 months. The last two occurrences happened in the late stages of last springs rally, but a very low number also occurred earlier in that same rally.
Here are a couple of setups i'm watching.
ASTX has broken a relative strength downtrend with price near a possible falling channel break. The RSI level and MACD histogram divergence appears favorable. I'm looking to get long a breakout for an attempt at the prior highs.
NSANY chose a terrible time to break out of its 2+ year base. It has come in sharply as the Nikkei has traded wildly, but the stock is treating the prior resistance zone as support. There was huge volume Thursday as price rejected a breakdown. You could get long around here versus the gap at 21.
OVTI had much better than expected earnings and guidance. The stock is trading around 19 in the post market. The price pattern says we can look for nearly 25. There will be a day trade here one way or another and another long trade at some point.
Boston Scientific has a longer term target around 11.20 and is currently trading in a tight bullish pennant. A break above 9.32 gives an upside target near 9.75.
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