Marijuana stocks are among our top charts to watch today on potentially positive news for the industry, writes Harry Boxer Wednesday. Short video: How we spot emerging stocks.
Aurora Cannabis Inc. (ACB) gained 20 cents on Tuesday to $5.93 on 15.8 million shares. Shares rose with release of the final 2018 U.S. Farm Bill legalizing industrial hemp, as well as reports that Gov. Andrew Cuomo may introduce a plan to legalize recreational marijuana in New York. On the hourly chart, ACB looks poised to break out above the neckline of a head-and-shoulders bottoming pattern. First target is the recent highs and lateral resistance at $6.75, followed by $7.75.
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Also in the cannabis group, New Age Beverages Corporation (NBEV), which is in the CBD-infused beverage space, jumped 40 cents to $5.44 on 26 million shares. The stock recently popped out of a declining wedge, and Tuesday’s move broke it above lateral resistance. Watch for a move next to the $8 range before embarking on a test of the September high near $10.
Among other stocks to watch, Corcept Therapeutics Incorporated (CORT) popped $4.19 to $17.17 on 8.1 million shares in response to a reported patent approval. The move broke the stock out of a base and a declining tops-line. With a move through resistance at $17.75, the stock could make a run towards next resistance at the June highs near $20. The pharmaceutical company develops drugs for the treatment of metabolic, psychiatric and oncologic disorders.
Twitter, Inc. (TWTR) rallied $1.02 to $34.45 on 30 million shares Tuesday. The stock got right up to resistance intraday in the $36 zone and backed off. If it can break through that resistance zone, watch for a test of the $37.50 level that it gapped down to in late July, before attempting to fill the gap at around $41.
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.
View a short video with Harry Boxer: How we spot emerging stocks breaking out with chart patterns for day trades and swing trades here.
Recorded: TradersExpo Las Vegas, Nov. 13, 2018.
Duration: 3:13.
