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AGTC, AIMT, DNLI, HALO, IRIX, RAD — Stock Charts to Watch

Charts of the Day video for Tuesday January 14th, 2020

Applied Genetic Technologies Corporation (AGTC) exploded from the Dec low when it was trading at about 2 3/4 to 5 1/2 in 4-5 days, pulled back in a nice coil, exploded again from 4, and change, to 9, and change, pulled back for two days, formed a little wedge, and on Tuesday, it popped out of the wedge, gaining 82 cents, or 10.8%, to 8.34, after reaching a high of 8.45, on 1.2 million shares. It looks like it’s possibly at the beginning of another move higher. Resistance is at 9 1/2, which is my near-term target for Wednesday. Beyond that look for 11, and if it goes crazy, 15.

Aimmune Therapeutics, Inc. (AIMT) has had a beautiful uptrend since it spiked in Sept, pulled back in a falling wedge, popped out of the wedge and ran up to the resistance level, formed another falling wedge, and then ran five waves up. The snapback on Tuesday was so strong, but then it exploded 4.00, or 13%, to 35.00, just 8 cents off the session’s 35.08 high, on 1.6 million shares. If it gets through the 35 area, it’s going to accelerate to the high 30’s.

Denali Therapeutics Inc. (DNLI) jumped 5.16, or 29.35%, to 22.74, after reaching a high of 29.92, on Tuesday, on a whopping 2.6 million shares, nearly 8 times the average volume, and then was up another 26 cents higher in after hours. I haven’t seen that much volume on this stock for a year and a half. I think the breakout above the double top in the 22.74 area, could send it to 25, and then it may get to 28-29.

Halozyme Therapeutics, Inc. (HALO) has a beautiful base, breakout, and retest. The pattern got a nice surge, and then Tuesday’s pop, in particular, the breakaway gap, retest, and breakout on Tuesday of 1.11, or 6%, to 20.06, before pulling back to 19.88, on 2.6 million shares traded. I’m looking for 21 1/2 next.

IRIDEX Corporation (IRIX) had a big pop of 1.15, or 49%, to 3.51, with a high of 3.69, on 1.2 million shares on Tuesday. We traded that nicely. It formed a breakaway gap, popped, pulled back, and then it took off again. If it gets a follow-through on Wednesday, we should see 4.00-4.15. If it gets through that, it may get to 5, and then 6 going forward. Keep your eye on this one. I think it has momentum.

Rite Aid Corporation (RAD) had a beautiful explosive move on Tuesday to 12.76, but the big Fibonacci retracement brought it back down to a reasonable point where I think it’s a buy. I put a swing on it. It closed up 62 cents, or 5.32%, to 12.28, on 9.155 million shares. Going forward, targets are 14 1/2 and 17.

Stocks on the long side included Applied Genetic Technologies Corporation (AGTC), Aimmune Therapeutics, Inc. (AIMT), Amneal Pharmaceuticals, Inc. (AMRX), Ballard Power Systems Inc. (BLDP), Canopy Growth Corporation (CGC), Cerence Inc. (CRNC), 3D Systems Corporation (DDD), Denali Therapeutics Inc. (DNLI), Endo International plc (ENDP), Forterra, Inc. (FRTA), Halozyme Therapeutics, Inc. (HALO), Ichor Holdings, Ltd. (ICHR), IRIDEX Corporation (IRIX), Karuna Therapeutics, Inc. (KRTX), La Jolla Pharmaceutical Company (LJPC), MagnaChip Semiconductor Corporation (MX), Nautilus, Inc. (NLS), PG&E Corporation (PCG), Perion Network Ltd. (PERI), Rite Aid Corporation (RAD), Avita Medical Limited (RCEL), Cassava Sciences, Inc. (SAVA), SmileDirectClub, Inc. (SDC), Tilray, Inc. (TLRY), XBiotech Inc. (XBIT), and Intersect ENT, Inc. (XENT).

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