These four stocks all made big moves that suggest greater follow through, says Harry Boxer.
These three technology companies, plus a medical device stock, are showing strong technical momentum.
Lattice Semiconductor Corporation (LSCC) gained 53¢ to $19.73 on 1.8 million shares Thursday. The move came on no news. LSCC’s strength followed through on Wednesday's rally and positioned the stock at the top of its five-week sideways channel. A breakout above the top near the intraday high at $20.42 could accelerate the stock towards $26.
Sonos, Inc. (SONO) rose 19¢ to $14.90 Thursday on 3.2 million shares, 2.5x its average volume, after gaining 4% on Wednesday. The speaker maker unveiled a new home speaker that doesn't have an internal microphone, thus addressing privacy concerns. The stock is in a steep rising channel off its August low below $10, with the next targets at $16 and then $18.
Twitter, Inc. (TWTR) popped $1.94, or 4.4%, to $45.30 on 19.3 million shares on Thursday. The move, on nearly 1.5x its average volume, broke the stock out of a month-long, high-level consolidation. Watch for a move to the channel top near $47.50-$48.
InMode Ltd. (INMD), our lone non-technology stock, continued higher on Thursday, up $1.45 to $26.72 on strong volume of 1.7 million shares. The stock is up from last week's close at $19.90 on bullish coverage initiation of the medical device company by several Wall Street firms. The move has broken the stock out of a two-week flag that followed its post-IPO pop. The rising channel top points to $31-32. Watch support at Thursday's low near $25.50.
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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.
