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ACB, CGC, NIU, SHSP, STNG, WRTC — Stock Charts to Watch

Charts of the Day video for Wednesday April 17th, 2019

ACB, CGC, NIU, SHSP, STNG, WRTC

Aurora Cannabis Inc. (ACB), one of our long-term cannabis stocks, was up just 9 cents, or 1%, to 8.96, on 21 million shares. It had that massive move from mid-2016 at 34 cents up four waves and is possibly working on wave five. I’m not sure about that, but this stock has been ramping up since the 4 1/2 range, and has more than doubled, getting up to the 10-range. That’s 150% gain, and now it’s consolidating. I think the cannabis stocks in general are on the verge of a next leg up. For now, my targets are 10 1/2, and 12 1/2-3/4.

Canopy Growth Corporation (CGC) had a swing trade put on it by me a couple days ago. It popped on Tuesday, pulled back on Wednesday, popped again and got up to the same level. As a result of talks with Anchorage Holdings, one of the biggest U.S. growers of marijuana, it exploded 1.17, or 2.81%, to 42.85, on 5.8 million shares. It was up another 2.92, or 6.81% in after hours. Depending on where it opens on Thursday, it may very well test the 48 1/2-49 area. If it gets through that, targets are up around the 51-52 zone, then mid 50’s, high 50’s, and so on.

Niu Technologies (NIU), which we put a swing trade on and it backed off, dipped down in a falling wedge, and may have broken out on Wednesday. It closed right at the declining topsline, up 99 cents, or 9.43%, to 11.49, on 301,282 shares traded. Targets are 13 1/2 and 15 going forward.

SharpSpring, Inc. (SHSP), one of my picks for the year, has moved up and accelerated over the last two weeks, going from 14 1/2 to nearly 20 on Wednesday, up 95 cents, or 5.1%, to 19.56, on 73,382 shares traded. At this rate and this angle, it looks to me like the angle-of-ascent is closer to mid-channel at 23, and upper channel at 30, or better.

Scorpio Tankers Inc. (STNG), which we put a swing on, is running again after the breakout. It had a 2-day flag and popped out of it, advancing 97 cents, or 4.06%, to 24.87, on 688,648 shares traded. I would not be shocked to see it make a quick run to 27-27 1/2.

Wrap Technologies, Inc. (WRTC) is a fantastic chart, and on Wednesday, it reversed back up again, gaining 37 cents, or 4.87%, to 7.97, on 131,681 shares traded. If it gets through here it could explode to 8, 9, even 11. Those are the targets going forward.

Stocks on the long side included Aurora Cannabis Inc. (ACB), Canopy Growth Corporation (CGC), Boxlight Corporation (BOXL), Daqo New Energy Corp. (DQ), Canada Goose Holdings Inc. (GOOS), HEXO Corp. (HEXO), Puxin Limited (NEW), Niu Technologies (NIU), Qudian Inc. (QD), the Rubicon Project, Inc. (RUBI), SharpSpring, Inc. (SHSP), Scorpio Tankers Inc. (STNG), 3Pea International, Inc. (TPNL), and Wrap Technologies, Inc. (WRTC).




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