The stock market closed really well on Tuesday. With that kind of spike there was off the lows and the thrust, I always look for important lows, I think at least the short-term bottoms have been put in. But there will have to be a follow-through. Let’s take a look at some new stocks, some old stocks, and a few stocks that are intriguing to me, and see how they are doing.
Celldex Therapeutics, Inc. (CLDX) is coming along nicely. On Tuesday it was up 25 cents to 25.73, or 1%, on 1.2 million shares. When the base was forming in early 2014 a swing was put on it, it broke out in early 2015, and worked its way up very nicely in a 5-wave advance. Since then it’s had many 5-wave declines, or consolidations, that have lasted for the last three and a half months. So, it looks like this stock is getting ready for something. It’s been moving up, the volume has increased a little, and it’s right underneath resistance at the 50-day moving average at 25.87, and closed about 14 cents underneath that. If it gets a punch through here, and takes out the recent highs around 26.84, look for it to head up towards the short-term target at 30, then 32 1/2, and then 36.
Eli Lilly and Company (LLY) has been doing great. During the last year and a half it has gone from the 47 range all the way up to Tuesday’s high at 88.78. After the big run-up in June, it spiked on heavy volume, formed a nice, bullish falling wedge, popped, broke out, but there was no follow-through. It then had another 3-day pullback on low volume, and was followed by the last four up-days in a row. On Tuesday, it broke out, and popped out of the wedge, up 2.38 to 88.73, or 2.76%, on 6.9 million shares. It appears this stock wants to go to the low-to-mid 90’s. Look for 95-6 as its target.
Radius Health, Inc. (RDUS) swing trade is acting great as well. It had a breakout mid-June, a swing was put on it, it popped, pulled back, and is now in a rising wedge, which is sometimes very bullish in an uptrend. If it maintains volume and breaks out above the 17 1/2 range in the next couple days, it could run to 80, and then near 100.
TG Therapeutics, Inc. (TGTX) is a swing trade that appears to be setting up nicely. It formed a little head-and-shoulders, popped through the neckline, then pulled back from resistance, and formed a nice little flag. On Tuesday, it broke out, up only 35 cents to 17.47, or 2%, but volume is pushing up to nearly a million shares. If it can get through this zone, which looks like it's going to do, look for it to move up towards 20, and beyond 20 to the mid-20’s.
Other stocks on Harry’s Charts of the Day included Cynosure, Inc. (CYNO), Himax Technologies, Inc. (HIMX), MOBILEYE N.V. (MBLY), Novavax, Inc. (NVAX), Ophthotech Corporation (OPHT), Synergy Pharmaceuticals, Inc. (SGYP), SunEdison, Inc. (SUNE), TerraForm Power, Inc. (TERP), and TeleCommunication Systems Inc. (TSYS).