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TheStreet Open House

5 Health Care Stocks Triggering 'Buys' This Week

Stocks in this article: ALKSOPKWSTBAXPFE

Opko Health

Opko Health (OPK) is a small-cap pharmaceutical company that's showing traders constructive price action right now. After rallying hard at the start of December, shares have spent the last few weeks consolidating sideways in a symmetrical triangle pattern. With shares up around 53% in the last three months, this setup points to another rally leg along the way for OPK shareholders.

The symmetrical triangle is a continuation pattern that typically splits rallies, giving stocks a chance to bleed off some overbought momentum before moving higher again. For that reason, traders often think it of as a "half-mast pattern." You want to trade the triangle in the direction of the breakout; in other words, if shares push through the trendline resistance level, then you want to be a buyer. But if they fall through support, we've got a sell signal.

Momentum adds some extra confidence to this trade. 14-day RSI has been able to maintain its uptrend from the start of last fall. Since momentum is a leading indicator of price, that supports another rally leg in OPK.

Don't try to predict that, though. Wait for the breakout to happen before you put your money on the line.

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