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ACM, CRSP, FOLD, IOVA, LK, QURE — Stock Charts to Watch

Charts of the Day video for Monday June 17th, 2019

it was an interesting day on Wall Street on Monday. A lot of stocks we follow ran, and the market had a wonderful day. It was a kind of bullish consolidation day. So, let’s take a look at a few we highlighted here.

AECOM (ACM), which is a large infrastructure firm, has been in a downtrend since the beginning of 2018, having dropped from 40 down to 25, and then at the end of Dec, it formed a V-bottom, platformed, ramped up in multiple waves up, and then made a breakaway move, spiking 1.77, or 5.3%, to 35.17, on 2.8 million shares. The key to Monday’s breakaway action is big volume through key resistance, and through the neckline. It looks like now, with an inverse head-and-shoulders, it could lead to 37 1/2, and then 40. Those are my targets.

CRISPR Therapeutics AG (CRSP), one of our swing trades, popped out of the wedge we were looking at the past week, did a 3.80 advance on 8% to 47.07, on nearly a million shares on Monday. It looks like the inverse head-and-shoulders-type basing pattern is completed. The next targets are 54, 60, and 67.

Amicus Therapeutics, Inc. (FOLD) looks like it has a V-bottom with a right hand extended, it held, and then on Monday it had a gain of 71 cents, or 6.26%, to 12.06, on 3.5 million shares. It’s picking up volume and looks like it may try to make a move. If it gets above 12.35-.40, it may run as high as 13 3/4 and 14, or better.

Iovance Biotherapeutics, Inc. (IOVA) continues to pop. I gave you a buy, it pulled back and coiled for six weeks, and then exploded and has been ramping ever since, running 2.85, or 15%, to 21.95, on 3.8 million shares on Monday. The all-time high, for me, is 18, and Monday’s high was 22. I think it has more to go, but you have to be careful in here, because the angle of ascent is so steep that at any point it could pull back, but my target is in the mid 20’s.

Luckin Coffee Inc. (LK), a good Chinese growth coffee, and recent IPO, with a V-bottom, and a plunge, exploded for two days now. On Monday it was up 1.94 or 10%, to 21.17, on 7.9 million shares. Look for this to extend to 22.90. If it gets through that, we’ll look for a retest of the high at 26, or better.

uniQure N.V. (QURE) popped out and broke out and ran 8.59, or 12%, to 81.14, on 3.4 million shares on Monday. The volume hasn’t been this big since Feb when it exploded. I think it will go higher. My targets are 100, and then 112.

Stocks on the long side included AECOM (ACM), ArQule, Inc. (ARQL), Beyond Meat, Inc. (BYND), CRISPR Therapeutics AG (CRSP), Amicus Therapeutics, Inc. (FOLD), Bitcoin Investment Trust (GBTC), Incyte Corporation (INCY), Iovance Biotherapeutics, Inc. (IOVA), Intra-Cellular Therapies, Inc. (ITCI), Keurig Dr Pepper Inc. (KDP), the Direxion Daily S&P Biotech Bull 3X ETF (LABU), Luckin Coffee Inc. (LK), Lyft, Inc. (LYFT), MoneyGram International, Inc. (MGI), Mimecast Limited (MIME), Mirati Therapeutics, Inc. (MRTX), uniQure N.V. (QURE), REGENXBIO Inc. (RGNX), Syndax Pharmaceuticals, Inc. (SNDX), Soliton, Inc. (SOLY), UP Fintech Holding Limited (TIGR), Voyager Therapeutics, Inc. (VYGR), Intrexon Corporation (XON), and ZIOPHARM Oncology, Inc. (ZIOP).

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