NEW YORK (TheStreet) -- Good day traders!
Today's top picks are First Majestic Silver (AG), Clovis Oncology (CLVS) and Halozyme Therapeutics (HALO).
1. First, let's look at First Majestic Silver, which acquires, develops and explores mineral properties with a focus on silver projects in Mexico.
First Majestic trade up 3.38% on Thursday to $9.47 per share.
- Thursday's range: $9.11 - $9.57
- 52-week range: $8.19 - $16.46
- Thursday's volume: 1,479,778
- 3-month average volume: 1,062,250
Miners and metals made big moves on Thursday, so there are a lot of great charts within this sector. First Majestic is a rounded bottom breakout that needs to confirm today. Price action has been trading up since the stock hit its 52-week low of $8.19 a couple weeks ago.
Over the last few days, the share price has gapped up, confirming bullish sentiment. Now, shares are trading over the 50-day simple moving average. First Majestic has formed a bullish scoop pattern at a resistance level.
Look to enter this trade within yesterday's trading range, above the 34-day exponential moving average. There is also a surge in volume on the bullish move, which tells us that investors are interested in the long-term bull movement. Watch for increasing volume on the scoop breakout. I'd set a stop at about $8.95, which is just below the nearest-term resistance.
I'd target the 200-day simple moving average, which is at $10.63 and is 10% to the upside. There is overhead resistance at $9.63, $10-ish and again at the 200.
Stay long until you see a confirmed sell signal or a close below the t-line.
Next up: Clovis Oncology and Halozyme Therapeutics.