Market Blog Technical Analysis

The highest close since October 2014: Antonio Costa

22nd Century Group Inc (NYSEMKT:XXII) gained 49 cents, or 24.75%, Friday on one of the heaviest-volume days this year, with 14 million shares traded. That’s 9 times higher than average volume, and the stock closed at $2.47, the highest close since October 2014. These signs show high probability for continuation of current strong momentum next week. To the upside, the next major resistance is located 3.35 (the high of August 2014) levels.

From a technical standpoint,  the stock is trading well above its five rising EMAs in a clear bull market. All three daily technical indicators on the chart above are in their respective overbought zones. Based on this, any pullback here should be viewed as an opportunity to buy. Long term investors should use the rising 200-day EMA as stop.

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This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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