Top Stocks Making Technical Moves

06/04/2020 9:12 am EST

Focus: STOCKS

Harry Boxer

Author, TheTechTrader.com

Here are the top stocks making major technical noise this week from Harry Boxer.

Several stocks made important moves on significant volume, signaling that a greater breakout may be on the horizon. These include:

Arena Pharmaceuticals, Inc. (ARNA) broke out, and I put a swing trade signal on it on Tuesday. I like the look when it broke through resistance, and then it kept extending all day. It opened at $60.19, ran up $9.52 (16.2%) and closed at $68.22, not far off the session high of $68.40, on 3.3 million shares traded. That was an exceptional day for this stock. I think it’s headed much higher, perhaps, to the mid-to-high $70’s, if not higher.

Baozun Inc. (BZUN) broke its declining tops line, and inverse head and shoulders and moved up $3.14 (11%) to $32.49, after reaching a session high of $34.53, on 7.5 million shares traded, and another 11¢ in after-hours. The bottom line is it didn’t close above resistance. We will have to watch to see if this will make it up to $33.75. If it gets through there, targets are $37 and $39.

NIO Inc. (NIO) has a good overall look that I like. It had a big run from October to January, and backed off, but has come back nicely. After breaking out and backing off late last week, it has been coming on the last couple days. On Tuesday, it popped 44¢ (10.3%) to $4.70, just 3¢ off the session high at $4.73, on 81.3 million shares traded, and an additional 16¢ to $4.86 in after-hours. I’m looking for a test of $5.50. If it gets through that, we’re looking at the potentiality of an $8.50 stock.

Sea Limited (SE) has had a spectacular move in the last year. I gave this stock to you last year when it was trading in the $22 to $23 range, and on Tuesday, it closed up $4.39 (5.32%) to multi-week and session high of $86.86, with another move up of 34¢ in after-hours, to $87.20, on 4.7 million shares traded. The angle of ascent the way I was drawing it, leads me to believe we may see the high $90’s before we see a significant pullback.

Stratasys Ltd. (SSYS) popped on Tuesday and crossed two triple-top resistance, gaining 2.31, or 13%, to 20.30, with a session high of 20.55, and another 1.29 to 21.59 in after-hours, on 2.5 million shares traded. That’s the biggest volume on an up-day going to Sept/Oct 2018. To me, this might be a significant move, although there is some resistance at the target at 22 1/4, and then we’re looking at 25 plus.

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 20 top charts!

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