American Well Corporation (AMWL), a recent IPO, jumped 2.86, or 8.7%, to $35.86 on nearly 5.9 million shares traded Tuesday, observes Harry Boxer of TheTechTrader.com.
Looking at the hourly chart, AMWL came down after its Sep 17 IPO, popped, and then consolidated in a range between 26 1/2 and 31 for two weeks. Tuesday's breakout took it as high as $38.45 before the telehealth stock pulled back in what looks like a wedge formation. Watch for a follow-through to retest Tuesday's highs, with a possible move into the low 40’s.
ChromaDex Corporation (CDXC) on Tuesday exploded for $1.12, or 27.5%, to $5.19 on 3.1 million shares traded. That’s the biggest volume in a long time on this stock. The nutraceutical stock reached as high as $5.49 intraday, and if it gets through the double top from May and August near 5 3/4, the next targets are 6 1/2 and 7 1/4.
Plug Power Inc. (PLUG) climbed 49 cents, or 3.1%, to $16.23 on big volume of 43.9 million shares, more than 1-1/2 times its average volume. The mid-channel target for the hydrogen fuel cell stock is $17, with the upper-channel target at $23.
Personalis, Inc. (PSNL) popped $3.93, or 15%, to $28.20 on 1.7 million shares Tuesday, about 3x its average volume. The cancer genomics stock, which we highlighted as a new swing set-up Tuesday in our TheTechTrader room, broke through a double top and out of a two-month trading range. The top of the rising channel points to $34 next.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.