Charts of the Day: TDOC, CGEN, MRNA & More
Tonight's Charts of the Day video features about a dozen stocks.
TDOC has recently pulled back in 3 waves to 61.8% retracement. This is potentially a 1-2 start to a 5th wave to the upside. So this offers pretty good risk/reward using a stop beneath the November low, trying to play for the possibility of turning back up from here in circle wave iii of 5.
CGEN is starting to look closer and closer to completing this intermediate-degree wave (4) and setting up a start to that wave (5) heading to a new high, or at the very least a b wave bounce within our alternative red count. There' s no clear evidence yet that a bottom has been put in place, as the stock could get one more push down here at the 23.6% retracement at around 11.50 and then attempt to turn back up from there.
MRNA price continues to cooperate with our preferred path. There is room to still reach a little bit lower in circle wave c of 4. Assuming we get a standard five waves down in that wave c, we're still missing the 4th and 5th waves. So don't be surprised if price does get a near-term bounce as that wave 4 before moving down into the 38.2% Fib retracement around the 122 level to complete circle wave c of 4, before starting the final 5th wave higher.
See all dozen-plus stocks, including TSN, NVAX, SCPL, GOGO, ELAN, BRK.B, DKNG, PENN, APRN and BF.B, in our Charts of the Day video.