Many have tried to make the argument the current market is well overvalued, overbought, and out of r...
Stocks That Are Breaking Out
05/22/2020 9:26 am EST
Harry Boxer, founder of TheTechTrader.com shares stocks in the midst of technical breakouts.
The following stocks have made technical moves this week and may offer opportunities for further breakouts.
Cloudera, Inc. (CLDR) broke out of a platform on Wednesday that has been forming for seven weeks. It popped 74¢ (8.5%) to $9.39, just 4¢ off the session high of $9.43, on 4.3 million shares traded, and another 11 cents to 9.50 in after-hours. It looks like this measured move could take it to 11, maybe as high as 12.
Cheetah Mobile Inc. (CMCM) exploded 98¢ (47.3%) to $3.05, with a morning session high of $3.28, on a record volume of 8.2 million shares traded. I haven’t seen that much volume in several years. It went up through the declining tops line and lateral resistance and pulled back. If it gets through here, look for a follow-through to $3.90 and $4.50.
Inovio Pharmaceuticals, Inc. (INO) extended on Wednesday and backed off but was up on the day by $1.23 (8 .5%) to $15.79 on 76 million shares traded. You can see that the channel that is forming is calling for a retest of the spike high at $19.36, which was done a couple months ago, and then onward and upward to $24.
Kornit Digital Ltd. (KRNT) has had quite a week, going from $28 to over $48 in the last five days. On Wednesday, it jumped $12.06, (33.8%) to $47.74, with a multi-week and session high of $48.06, on 3.3 million shares traded. It’s at the top of the long-term channel, but it may get a little bit of an extension in the next day or two taking it up to $50.
Ingevity Corporation (NGVT), which provides specialty chemical for high-performance carbon materials, is coming out of a base and looking awfully good on Wednesday, with a move up of $3.06 (6.22%) to 52.26, reaching a high of $62.54, on 328,844 shares traded. It’s four waves up and the fifth wave could, and likely will, take a run to $63.
Penn National Gaming, Inc. (PENN) has been up five days in a row, and 11 days out of the last 13 days. On Wednesday, it made a strong move of $3.08 (13%) to $26.81, with a session high of $27.30, on 34.5 million shares traded. The first target is $27.50. If there’s and extension here, it might go all the way back up and test the highs at $34, and then $38.
Surface Oncology, Inc. (SURF) exploded on Wednesday with a breakaway gap out of a wedge pattern, and jumped $1.22 (46%) to $3.88, after reaching multi-week and midday session high of $4.40, on 11.2 million shares traded. If it gets through the triple top, my next target is $6.00.
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). See our video chart analysis on these & all 30 top charts!
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