Major averages fell yesterday on higher volume that was easily accomplished after Thursday's half-session, but was still below average. A number of leading stocks took it on the chin, not surprising after a number of leading names have performed well leading up to today's backtrack. Nevertheless, the uptrend remains intact. This, however, is not a reason to ignore negative action in any leading stock you own and which is showing concrete selling signs.
3-D bioprinting stock Organovo Holdings (ONVO) cleared the highs of a 1-week handle yesterday on enough volume to qualify for a pocket pivot. We first mentioned ONVO on July 1 after the stock cleared its 200dma then retraced on lower volume back to its 200dma where it got support. Such action can be considered bullish, so while the initial pocket pivot through the 200dma gave us pause, subsequent price/volume action pushed ONVO back to being actionable.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
