It looked like a turn-around Tuesday as the markets spiked to the upside, and then they came down all afternoon, but still finished positive, taking back a huge chunk of their gains. Let’s take a look at chart patterns and see how some of these stocks are doing.
Ebix Inc. (EBIX) broke out of a wedge on Tuesday to new, all-time highs, up 2.43 to 58.21, or 4.4%, on 209,559 shares traded. It has 29 days to cover. You may see a squeeze to mid-channel to the mid-60 range on this one.
Exelixis, Inc. (EXEL) ran back up to retest the highs on Tuesday, making a nominal new high by a couple cents, up 17 cents to 11.51, or 1.5%, on 5 million shares traded. The next targets are nearly 13, 15 and 17. It has 8.2 days to cover in a sharply rising channel.
Five9, Inc. (FIVN), also in a sharply rising channel long-term on the daily chart, also broke through an ascending wedge. It broke out two days ago, and followed through Monday and Tuesday, up 62 cents to 14.82, or 4.4%, on 909,468 shares traded. The targets are 15 1/2-3/4, and then 18. It has 2.82 days to cover.
Mobileye N.V. (MBLY) had positive news on Tuesday regarding a venture with Delphi Automotive (DLPH), exploding 3.10 to 49.66, or 6.66%, on 10.5 million shares traded, reaching a new high at 51.15, a dollar higher than a month ag, but it backed off to close near there. Nevertheless, I think the breakaway gap out of the large wedge is significant enough that it’s going to take it higher. Targets are 54, 58, and then 63-4. It has 5.7 days to cover.
Stocks on the long side included Ambarella Inc. (AMBA), Arrowhead Pharmaceuticals, Inc. (ARWR), AXT Inc. (AXTI), Clovis Oncology Inc (CLVS), Tableau Software, Inc. (DATA), Eleven Biotherapeutics, Inc. (EBIO), Ebix Inc. (EBIX), Exelixis, Inc. (EXEL), Five9, Inc. (FIVN), Hudson Technologies Inc. (HDSN), lci, Mobileye N.V. (MBLY), Momo Inc. (MOMO), Nordson Industries (NDSN), Nektar Therapeutics (NKTR), Puma Biotechnology, Inc. (PBYI), Raven Industries Inc. (RAVN), Vuzix Corporation (VUZI), Energous Corporation (WATT), Weibo Corporation (WB), XPO Logistics, Inc. (XPO).