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AMD, BBBY, CEMI, NVAX, SE, WORK — Stock Charts to Watch

Charts of the Day video for Thursday April 16th, 2020


Advanced Micro Devices, Inc. (AMD) has been really good to us, and of late it formed an inverse head-and-shoulders, broke out, and is retesting the high. On Thursday, it moved up 1.96, or 3 1/2%, to 56.95, with a session high of 58.08, on a whopping 103 million shares traded, and an additional 1.36 in after-hours. That’s one of the highest closes this stock has ever had, the highest being 59.27. There is some resistance, and it could pull back, but my target eventually is 67-68.

Bed Bath & Beyond Inc. (BBBY) formed an inverse head-and-shoulder in March, it pulled back on Wednesday, and on Thursday, it ran back up again, gaining 80 cents, or 18%, to 5.24, after reaching a session high of 5.44, on 34 million shares traded, and another 33 cents in after-hours. That’s good volume for this stock. I like the way it’s setting up. If it gets through resistance at the 6-6 1/4 range, targets are 7 1/2 and 8 1/2.

Chembio Diagnostics, Inc. (CEMI) had a big day on Thursday breaking out of a 3-day flag and exploding 2.57, or 25 1/2%, to a session and multi-week high of 13.73, before closing at 12.66, on 3.7 million shares traded. The volume and OBV picked up dramatically. I think it might head up to 15, and then maybe 16-17.

Novavax, Inc. (NVAX) has been moving up steadily in the last four weeks, going from under 10 to over 18. On Thursday it popped 57 cents, or 3.25%, to 18.10, after reaching a session and multi-week high of 18.49, on 4.1 million shares traded. My target is 21 1/2.

Sea Limited (SE) broke out on Thursday, taking out a double-top with a breakaway gap, jumping 4.17, or 8.4%, to 53.95, after reaching a session and multi-week high of 54.47, on 6.9 million shares traded. I would not be surprised to see it run up to 58, or even to mid-60’s.

Slack Technologies, Inc. (WORK) formed a beautiful, right-hand extended V in March, perhaps even an inverse head-and-shoulder right at the neckline, on Thursday, ramping 1.35, or 4.8%, to 29.38, with a session high of 30.00, on 14.4 million shares traded. Any blowout here and we’ll see 35-dollars.

Stocks on the long side included Alcoa Corporation (AA), Advanced Micro Devices, Inc. (AMD), Amarin Corporation (AMRN), Apache Corporation (APA), Alpha Pro Tech, Ltd. (APT), Bed Bath & Beyond Inc. (BBBY), Catasys, Inc. (CATS), Chembio Diagnostics, Inc. (CEMI), Compugen Ltd. (CGEN), Co-Diagnostics, Inc. (CODX), Darden Restaurants, Inc. (DRI), Moderna, Inc. (MRNA), Cloudflare, Inc. (NET), Novavax, Inc. (NVAX), Penn National Gaming, Inc. (PENN), Peloton Interactive, Inc. (PTON), Arcus Biosciences, Inc. (RCUS), Roku, Inc. (ROKU), Schrodinger, Inc. (SDGR), Sea Limited (SE), Teladoc Health, Inc. (TDOC), VelocityShares 3x Long Natural Gas ETN Linked to the S&P GSCI Natural Gas Index ER (UGAZ), Valero Energy Corporation (VLO), Wayfair Inc. (W), Slack Technologies, Inc. (WORK), and ZOOM Technologies, Inc. (ZOOM).




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