It was turn-around Tuesday on Wall Street. A lot of the stocks we follow and/or traded the last few sessions did well on Tuesday. Let’s take a look at a few new ones as well.
Amgen Inc. (AMGN) had a fantastic day on Tuesday, up 7.20 to 172.74, or 4%, on 8.5 million shares. It has been in a very long consolidation. Since Dec it has made five attempts at getting through the highs at 174.00. If it is able to get through 174.00, and Tuesday’s high was 174.80, a nominal new high, it may very well extend. It could quite possibly take AMGN up near the 200-210 zone. That’s the next target for swing trade on AMGN.
Fitbit Inc. (FIT), a recent IPO, was up 1.54 to 45.47, or 3.5%, on 3.7 million shares on Tuesday. Initially, this stock did very well, and ran up sharply to the top of the channel, and then pulled back. After a 3-wave, corrective pullback, it tested support, and bounced nicely. It ran up above the moving averages on the 50-minute chart and looked like it was going to have a blowout move, and it still may. Once it hits 47.00, it could be off to the races. The next target is 55.
Flamel Technologies SA (FLML), a stock that we’ve been following for a while, and formerly a swing trade of ours, was up 1.13 to 25.69, or 4.6%, on average volume, on Tuesday. It’s looking very good, has a nice rising channel, moved across major resistance, flagged, and extended. Look for it to eventually get to as high as 36. The short-term target is 28.
Novavax, Inc. (NVAX), a swing trade of ours, is acting well, up 57 cents to 12.20, or 5%, on 3.3 million shares on Tuesday, and is on the border of a breakout. It had a breakout in June, ran up, flagged, ran up again, flagged, pulled back, and in the last couple days it’s been a little bit more difficult, but a lot of biotech’s were, and on Tuesday, it had a nice snapback off an internal trendline. If that is the case, look for this to make it up to 14, and then 16 1/2.
Other stocks on Harry’s Charts of the Day included BioTelemetry, Inc. (BEAT), Cadence Design Systems Inc. (CDNS), Cellcom Israel Ltd. (CEL), Fibrocell Science, Inc. (FCSC), Amicus Therapeutics, Inc. (FOLD), Intra-Cellular Therapies, Inc. (ITCI), Inotek Pharmaceuticals Corporation (ITEK), NewLink Genetics Corporation (NLNK), NeoPhotonics Corporation (NPTN), POZEN Inc. (POZN), Prothena Corporation plc (PRTA), Sucampo Pharmaceuticals, Inc. (SCMP), Solar3D, Inc. (SLTD), Supernus Pharmaceuticals, Inc. (SUPN), and Intrexon Corporation (XON).