Charts of the Day

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AMD, AXSM, CGC, EOLS, NLNK, RCKT — Stock Charts to Watch

Charts of the Day video for Tuesday March 19th, 2019

AMD, AXSM, CGC, EOLS, NLNK, RCKT

It was a volatile session on Tuesday. First, it was up, then it was down, and had a snapback at the end of the day. The bottom line is Charts of the Day show stocks that are movers and shakers, and charts that may have made a significant move or a technical move that I want to show you. Here’s a few of those highlighted.

Advanced Micro Devices, Inc. (AMD) made a monster move on Tuesday, jumping 2.75, or 11.83%, to 26.00 from a low of 23.59, on 151 million shares, on a breakout from a consolidation zone that took 5-6 weeks to develop. In particular, the last four session it formed a mini-wedge and exploded on Tuesday. It closed at the high end of the range. On that kind of volume, it will immediately go to test the 28 1/2 area. If it really runs to the very top of the channel, you’re looking at 33-33 1/2.

Axsome Therapeutics, Inc. (AXSM), a swing trade of ours, is working great. It popped up, pulled back, ran up, formed a little bit of a corrective flag, made a 5-wave move down, then it took off and was up 12 days in a row, and then spiked up 1.48, or 12.9%, to 12.95 with a high of 14.24, on 3.5 million shares. It may continue the momentum. An all-time high was reached back at the end of 2015 at 15.74. Can it get up there? At this point I’m thinking that it’s getting up toward the upper end of the range at key overhead resistance. It has already made a 5-wave move up. So, keep an eye on this one.

Canopy Growth Corporation (CGC), which I put a new swing on Tuesday, looks good. I’m convinced that, after the consolidation pattern that looks textbook perfect, can explode. On Tuesday, it was up 42 cents, or 1%, to 46.11, on 5 million shares. Now, I’m looking for it to head to the 56-59 zone, and then 68, 75, and on up.

Evolus, Inc. (EOLS) made a pop off Tuesday’s low. There could have been a little wedge with a triple bottom in there, and held at 23 1/4-1/2, and then popped and went straight up 2.72, or 11.4%, to 26.57 with a high of 27.96, on 3.2 million shares. That’s the best volume in 6-7 weeks. All it needs to do now is get past 30-30 1/4, and then it should take off.

NewLink Genetics Corporation (NLNK), a low-priced biotech stock, was a big winner for us in late 2016 at nearly 60 dollars. It rolled over and was in a big down trend, formed a little mini-base, popped, wedged, and broke out on Tuesday, gaining 25 cents, or 13.23%, to 2.14 with a high of 2.27, on 3.2 million shares. I think it will follow-through. Targets are 2.55 and 3.20.

Rocket Pharmaceuticals, Inc. (RCKT), after a 2-3 day pullback, it held support. It ran right back to the top of the channel on Tuesday, and jumped 1.84, or 11%, to 18.50 with a high of 18.90, on 334.272 shares traded. A follow-through here and I’m looking for 20, 22, and maybe more.

Stocks on the long side included Advanced Micro Devices, Inc. (AMD), Axsome Therapeutics, Inc. (AXSM), Bausch Health Companies Inc. (BHC), Canopy Growth Corporation (CGC), Dermira, Inc. (DERM), Evolus, Inc. (EOLS), Glu Mobile Inc. (GLUU), HEXO Corp. (HEXO), NewLink Genetics Corporation (NLNK), Omeros Corporation (OMER), Rocket Pharmaceuticals, Inc. (RCKT), Sorrento Therapeutics, Inc. (SRNE), StoneCo Ltd. (STNE), The Green Organic Dutchman Holdings Ltd. (TGODF), Zosano Pharma Corporation (ZSAN), and Zynerba Pharmaceuticals, Inc. (ZYNE).




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