Harry Boxer has found four stocks that have broken out and looking to soar.
Here are three health stocks and one technology stock that are at or near key breakout points:
Clovis Oncology, Inc. (CLVS) popped 90¢, or more than 10%, to $9.73 on 11.7 million shares Wednesday on no news. The move edged the stock out of a declining wedge pattern it's been in since its December top. A breakthrough moving average resistance near $10.45 and then the recent double-top at $11.15-.25 could lead the stock to $13 next.
3D Systems Corporation (DDD) climbed 63¢, or 5.3%, to $12.34 on 2.9 million shares Wednesday. On Monday, the company announced an expanded relationship with Sanmina to manufacture certain plastic 3D printing platforms. Wednesday's move broke the stock out of a month-long wedge formation, and next resistance for the stock, which has nearly doubled in five months, is at $14.25.
Fulgent Genetics, Inc. (FLGT) jumped $1.52, or 10.9%, to $15.42 on 458,900 shares Wednesday. The move, which came on no news from the genetic testing services company, broke the stock out of a three-month coil. If it can get through lateral resistance right near here in the $15.50 zone, the near-term target is the $16.50 high from November, with the mid-channel target at $18.50.
Mallinckrodt plc. (MNK) gained 31¢, or 6.4%, to $5.14 on 6.1 million shares Wednesday on no news from the specialty pharmaceutical company. The stock, which broke out a base in January and had an orderly pullback from resistance on lower volume, has been picking up in the last two sessions, and looking poised to re-test the highs. The initial target is $7.
No holdings.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
