Friday, December 11, 2015

Second Sight Medical Products Inc (NASDAQ:EYES)

Shares of Second Sight Medical Products Inc (NASDAQ:EYES) surged 9.31% to $5.99 per share on massive volume after the news that the UCHealth Eye Center at University of Colorado Hospital has performed the first "bionic eye" procedure, restoring limited sight to a woman who has been blind for almost two decades. From a technical standpoint, the chart shows a bullish sign as the stock is back on top of its short-term EMAs. In addition, MACD is rising and RSI is back above 50% level which show beginning of bull market rally. I classify the declining 50EMA as a key resistance line since it has caused significant turning points in the price and held on the last three tests. However, a sustained break should bring the stock to a test of the recent highs around the $8 level. There seems to be a lot of room to run higher here. EYES is a short squeeze candidate.

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