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AAOI, AXSM, IQ, TGI — Stock Charts to Watch

Charts of the Day video for Wednesday September 25th, 2019

Applied Optoelectronics, Inc. (AAOI), which I remember ran hard in 2016 and 2017, literally going from the 8.00 range to the 100 range, then it came down, bounced, and came down, formed a base of the last few months, broke out, flagged and popped on Wednesday. That pop alone has me interested. It was up 57 cents, or 5.12%, to 11.69, on 801,165 shares traded. The volume picked up the best in about three weeks. I think that if it can get through 11 3/4, then it could see 12 3/4 and 14, which are the next targets.

Axsome Therapeutics, Inc. (AXSM) remains a swing from way back at the beginning of the year when it popped, ran up, and broke out again. I put another swing on it, and it pulled back in a nice flag. On Wednesday, it jumped 94 cents, or 3.64%, to 26.75, on 394,352 shares traded. It has an orderly retrace, but it doesn’t look that bad at the trendline. I would like to see it run up to key support at the 25-25 1/2 range. Once it gets above 30, I think it will move to 34, and much higher.

iQIYI, Inc. (IQ) just hasn’t worked. It popped, first, at the declining topsline on big volume, and on a breakout on Wednesday, it popped 58 cents, or 3.38%, to 17.73, on 3.65 million shares. It looks to me like it’s going to extend and then go right back and retest. It isn’t dead yet, but 16 1/2 won’t be good, folks. Keep an eye on the possibility that it has another retest of the base. If it holds, it could move up to 20 and 22.

Triumph Group, Inc. (TGI) has a long inverse head and shoulders over a period of a year. On Wednesday, it advanced another 76 cents, or 3.2%, to 24.50, on 527,343 shares traded. Any move above 26 and targets are 30 and 34.

Stocks on the long side included Applied Optoelectronics, Inc. (AAOI), Abeona Therapeutics Inc. (ABEO), ACADIA Pharmaceuticals Inc. (ACAD), Alpha and Omega Semiconductor Limited (AOSL), Axsome Therapeutics, Inc. (AXSM), Beyond Meat, Inc. (BYND), Ceragon Networks Ltd. (CRNT), Daqo New Energy Corp. (DQ), Dynavax Technologies Corporation (DVAX), Eros International Plc (EROS), Eton Pharmaceuticals, Inc. (ETON), Inogen, Inc. (INGN), InMode Ltd. (INMD), iQIYI, Inc. (IQ), Iteris, Inc. (ITI),, Inc. (JD), Maxar Technologies Inc. (MAXR), Nutanix, Inc. (NTNX), Invitae Corporation (NVTA), Paycom Software, Inc. (PAYC), Soliton, Inc. (SOLY), ShockWave Medical, Inc. (SWAV), Triumph Group, Inc. (TGI), and Twilio Inc. (TWLO).

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