Dan just added Viking Therapeutics to his list. $VKTX – August 29, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Viking Therapeutics ( NASDAQ: VKTX ).
This stock initially got on our radar because of some members over at StockMarketMentor.com. It actually made it onto Dan Fitzpatrick’s Active Trade List today. This is one that one of our members had been doing some fundamental analysis on, and some technical analysis on. It got onto Dan Fitzpatrick’s radar today, and for good reason.
Viking Therapeutics ( NASDAQ: VKTX ) has had multiple positive earnings reports in a row. Three green “Es”, that’s what I like to see. Their next earnings report isn’t coming up until the end of October, so earnings are not an issue. That’s good to know. From a technical standpoint, we can see that it’s near and around its key moving averages.
It’s in a bit of a downward-sloping trendline pattern here. It’s been consolidating after this big gap up, chopping in and around these moving averages. But it’s also finding support around these moving averages. So what I would say here on Viking Therapeutics ( NASDAQ: VKTX ) is, right here right now is probably an interesting spot to take a starter position.
Now, a starter position could be 100 shares for you, it could be one share for you. Essentially, what you want is a position that’s enough for it to stay on your radar and not lose track of it. And so I would consider looking at a starter position here in and around these key moving averages. And then watch for a break higher above this clear downward-sloping trendline.
Maybe have an alert just under $69.00, and look for a strong move through that level, coming on volume. So you want to see it get above that zone, stay above that zone, and ideally use these moving averages, like the 21-day exponential period moving average, as a level of support to define your risk.
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