CLVS
Clovis Oncology Inc (NASDAQ:CLVS) has been in a tremendous tailspin the last three weeks. The stock has seen a bevy of selling bring the stock to fresh new lows for the year and near historical lows. However, the last two trading sessions reveal an increase in volume, suggesting some capitulation and I think that a sharp rally could follow over the next few days. At $3.38 a share, and considering this stock was trading well over $4.50 last month, the risk for further decline is outweighed by the potential gain an explosive bounce would provide. Plus, historically the stock reacts violently to the upside every time the RSI reaches extreme oversold levels. In fact, this stock is also a short squeeze play. Keep an eye on it next week, it should mount a violent rally from here IMHO. Last week the company said that it expects cash resources, and revenues and available financing sources to be enough to support its operations for at least the next 12 months.
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