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AKCA, CGC, CREE, PI — Stock Charts to Watch

Charts of the Day video for Tuesday May 29th, 2018

AKCA, CGC, CREE, PI

Akcea Therapeutics, Inc. (AKCA), one of our swing trades, had a nice day on Tuesday, jumping 1.56, or 6.7%, to 24.85, on 327,223 shares traded. Not huge volume, but the best in about six sessions. A move like this that pops to resistance, and I want to see if there’s a follow-through. The declining tops were taken out, the moving averages are crossing over, and any move above Tuesday’s high at 25, or so, and we should see 29, maybe even 33-34.

Canopy Growth Corporation (CGC) is setting up a big base for a massive move. That’s my thinking anyhow. It didn’t make me happy the last couple days, but Tuesday was a positive session, up 1.20, or 4.46%, to 28.10, on 2.6 million shares traded. The volume excelled, not as huge as the day before, but I’ll take the 26 million shares. The bottom line is that I would like to see it hold 26-7 ideally, with a stop under 25 1/2, or 24.80. Resistance is 31 1/2. The targets are 33-4, and then the mid-to-high 30’s, maybe 37.

Cree, Inc. (CREE) popped out and ran to the highest level in four years to 48.00. It was up 1.47, or 3.21%, to 47.32, on 1.9 million shares on Tuesday. If the rising channel is met, the targets are 52 and 59 going forward.

Swing trade Impinj, Inc. (PI) is acting great, I think, because the bottom has been put in, in my opinion. It formed a breakaway gap, a falling wedge, and on Tuesday it had a beautiful pop of 2.34, or 14%, to 19.08, on 1.4 million shares. I think it has more to go. Targets are 23 and 27.

Stocks on the long side included Akcea Therapeutics, Inc. (AKCA), Bilibili Inc. (BILI), Canopy Growth Corporation (CGC), Intelsat S.A. (I), Pharmaceuticals, Inc. (CPRX), Cree, Inc. (CREE), Corvus Pharmaceuticals, Inc. (CRVS), Carvana Co. (CVNA), Cryoport, Inc. (CYRX), DocuSign, Inc. (DOCU), Endocyte, Inc. (ECYT), Evolus, Inc. (EOLS), Intelsat S.A. (I), Momo Inc. (MOMO), Micron Technology, Inc. (MU), Myriad Genetics, Inc. (MYGN), New York & Company, Inc. (NWY), Impinj, Inc. (PI), Quotient Limited (QTNT), Square, Inc. (SQ), Savara Inc. (SVRA), TechTarget, Inc. (TTGT), and Twitter, Inc. (TWTR).




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