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4 Tech & Healthcare Stocks Breakout After Earnings

08/16/2019 3:15 pm EST


Harry Boxer

Author, The Technical Trader

Thursday’s earnings announcements where a challenge timing wise after Wednesday’s market bloodbath, but it allowed room for growth for these showing positive earnings, reports Harry Boxer.

The Wednesday carnage pushing the overall market lower provided an opportunity for stocks with positive earnings results on Thursday to move. These four stocks have strong technical momentum aligned with upbeat earnings:

Canadian Solar Inc. (CSIQ) rose $2.48 to $23.08 on 4.3 million shares Thursday, over 6x its average volume. The solar power company delivered a huge earnings surprise in its second-quarter financial release.  A move through the spike high from early March at $25.89 could accelerate the stock towards $29. 

HUYA Inc. (HUYA) jumped $1.79 to $23.18 on 6.1 million shares Thursday, nearly 2.5x its average. The China-based operator of game live streaming platforms released better-than-expected second quarter results on Tuesday. The move broke the stock through the top of its declining channel. Watch for a test of lateral resistance in the $25.50-26 range short-term.

InMode Ltd. (INMD) popped $2 to $18.25 on 1.9 million shares Thursday. The stock continued to rally following Tuesday's release of strong second quarter results by the maker of medical aesthetic products. Since its recent IPO, the stock has had a series of pops and coils. Momentum from Thursday's jump could carry it to the $20-21 zone.

Zynex, Inc. (ZYXI) advanced 66¢ to $9.82 on 393,300 shares Thursday. The maker of medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics released strong second quarter results at the start of the month, which boosted the stock. It has since pulled back and consolidated, though began to rally again this week. A breakthrough resistance just above current levels could lead to $12 next.

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