It was a rough start to the week on Wall Street on Monday. The underlying technicals were bad, but there were an interesting amount of stocks moving, and breaking out. Let’s take a look at some of them.
Ambarella, Inc. (AMBA), after running up huge in the last few years, going from the low 20’s to 130, then double toping in July and running all the way back down hard to 50, it formed a little base, and on Monday, it popped 4.34 to 62.81, or 7.4%, on 4.3 million shares. That was the better volume of the year, and that kind of breakout above the 50-day moving average and lateral price resistance looks like clear sailing if this stock extends here. It could see mid 70’s or low 80’s, so keep your eye on it going forward. It has 6.3 days to cover.
Fluidigm Corporation (FLDM), one of our swing trades, popped 77 cents to 11.37, or 7.26%, on 554,100 shares traded on Monday. This stock has been acting better the last four or five days, up from 9.60 to 11.46, and looks like it may want to test resistance around 12-12.10. If it gets through that, look for a test of the gap at about 13 1/4. So 12 and 13 1/4 are the targets going forward.
Keryx Biopharmaceuticals Inc. (KERX) had a swing put on it Friday, and on Monday it popped 18 cents to 5.77, or 3.2%, on 1.6 million shares, and after pulling back, it held support. That was the key for me at 5.45-.46. If Monday’s high at 5.89 is taken out, and Friday’s high, it should reach up to 6 1/2, 7, and maybe 8. Those are the target going forward for KERX.
NeoPhotonics Corporation (NPTN) broke out of a wedge and is moving nicely, up another 47 cents to 10.38, or 4.7%, on 740,100 shares traded on Monday. It looks like it’s going to test the old highs at 11, and if it gets through that, this stock could head up toward the 14-15 zone.
Other stocks on the long side include Axovant Sciences Ltd. (AXON), Cirrus Logic Inc. (CRUS), Dynavax Technologies Corporation (DVAX), Geron Corporation (GERN), Harvard Apparatus Regenerative Technology, Inc. (HART), Idera Pharmaceuticals, Inc. (IDRA), Inphi Corporation (IPHI), Iridium Communications Inc. (IRDM), and Novavax, Inc. (NVAX).