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Medical Stocks Are Showing Healthy Momentum

10/09/2019 6:00 am EST

Focus: STOCKS

Harry Boxer

Author, The Technical Trader

Four stocks to watch from Harry Boxer.

Medical stocks dominate today's top charts to watch.

AbbVie Inc. (ABBV) climbed $1.72 to $73.85 on 6.2 million shares last week.  The move came on no news from the maker of Humira and other drugs. The stock has been rallying for the last month, breaking out of 18-month declining channel.  However, it pulled back on Tuesday and Wednesday to test support before Thursday's bounce.  Watch for a move next to recent highs near $76.

Arrowhead Pharmaceuticals, Inc. (ARWR) jumped $1.00 to $29.92 on 883,800 shares on Thursday.  The move, on no news, continued the stock's breakout of a one-month falling wedge. The stock needs to get above $31.50 to confirm the continuation of the uptrend, beyond which it could make a run at the recent high near $37.

Zynex, Inc. (ZYXI) popped $1.02, or 9.4%, to $11.80 on 1 million shares Thursday, over 3x its average volume.  On Wednesday, the maker of electrotherapy medical devices announced 95% year over year order growth for the third quarter 2019.  The move followed Wednesday's breakout of a two-month coil that also closed the stock above its June all-time high.  Watch for $14 next.

Our lone non-medical stock today, Turtle Beach Corporation (HEAR), gained 39¢ to $10.89 on 406,800 shares Thursday. The company announced the availability of a new gaming headset audio enhancer. The move bounced the stock off its 21-day moving average, as it continues to build a multi-month base that could be setting up for a breakout.  Watch for a test next of the $12-12.50 range.

See Harry's video chart analysis on these stocks.

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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.

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