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24/7 Market News – Weekly Kickoff for July 5, 2022

(24/7 MARKET NEWS) I hope that everybody had a great Fourth of July weekend. Considering the Friday afternoon frenzy from many of our favorites, today couldn’t get here quick enough.

Clovis Oncology Inc. (NASDAQ: CLVS) has been one of our favorites for weeks and Friday’s closing action signals that it’s the next great short squeeze meme trade. It smashed through its 200-day simple moving average resistance, at $2.51, and ran to $2.90, before closing at $2.85, up $1.05 (+58.33%), on 76,203,461 shares.

In this morning’s premarket, Clovis is slightly down, at $2.81, 4 cents lower (-1.40%), on 697,061 shares. If it can cross the $3.10 resistance level, on strong volume, it looks like it wants to challenge to low $4 range.

Revlon (NASDAQ: REV) set the perfect bear trap, but this week belonged to the bears. Yet, as the 20 day moving average is about to cross above the 50, it may become a legendary play. It’s at $5.3437, down $0.0763 (-1.41%), on nearly 23 million shares.

This morning, Revlon is at $5.45, up $0.29 (+5.62%), on 777,048 shares.

Redbox Entertainment (NASDAQ: RDBX) has been in the red for most of the past two weeks, but its moving averages are finally just about to align, so this may end up being a bullish pull back. Redbox is at $6.06, down $1.34 (-3.86%), on over 5 million shares traded.

Redbox is trading at $5.96, down $0.15 (-2.45%), on 87,139 shares.

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