Three stocks broke out of major technical resistance area and appear ready to soar, notes Harry Boxer.
Lattice Semiconductor Corporation, Penn National Gaming, Inc. and SM Energy Company all experienced technical breakouts on Wednesday and appear primed for further gains.
Let’s break them down.
Lattice Semiconductor Corporation (LSCC) broke through resistance on Wednesday, jumping $2.76, or 14%, to $22.31, with an intraday high of $23, on 4.3 million shares traded. The stock, with a very attractive long-term chart, is approaching a test of its January high of $23.34, a breakthrough which could lead to a move towards $29.
Penn National Gaming, Inc. (PENN) also broke out on Wednesday, up $2.70, or 17%, to $18.61, not far off the session high at $18.74, on 12.5 million shares traded. The stock V-bottomed in mid-March, breaking out and then consolidating twice before this latest rally. It now appears a fifth wave is underway, which may take it into the low $20’s.
SM Energy Company (SM) was another stock breaking out on Wednesday, up $1.41, or 75%, to $3.30, with a session high of $3.76, on 43 million shares traded. That is big volume for this stock. If it gets through Wednesday’s high, it has room to run to $5.50
See our video chart analysis on these and all 30+ top charts!
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations. Try Harry's Live Trading Room Free for 15 Days (no credit card required for first-time registrations).
