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Amkor Technology, Inc. (AMKR) on Tuesday rocketed 1.60, or 19 1/2%, to 9.78, on 3.85 million shares. That’s the biggest volume since November. That was also a bottoming-type pattern in November whereby Tuesday’s pattern is a breakout-type pattern. Looking back further, you will see that key resistance is at the 11 1/2 to 12 1/2 range. I’m looking for that to extend. The way it closed at the upper end of the range, I think this stock has follow-through potential
Medpace Holdings, Inc. (MEDP) made an explosive move of the high on Tuesday, jumping 11.93, or 18%, to 79.61, on 2.8 million shares. It was a very important day fof this stock. I will be looking for a follow-through run to 86-88. Those are the targets going forward.
Impinj, Inc. (PI) had a nice pop of 4.61, or 13%, to 39.94, on 1.1 million shares on Tuesday. The volume was the biggest in two months. I think it’s going to test the area where resistance lies at 42. If it gets through that, we’re looking at 50 plus going forward.
Skyline Champion Corporation (SKY) had a late pop, the declining topsline was broken, I put a swing on it, it went higher, flagged, and then broke out on Tuesday, gaining 1.83, or 6.7%, to 29.13, on 1 million shares. I’m looking for it to extend now to 32, 35, and on up.
Stocks on the long side included Amkor Technology, Inc. (AMKR), Arcturus Therapeutics Holdings Inc (ARCT), Chegg, Inc. (CHGG), CNX Resources Corporation (CNX), Luna Innovations Incorporated (LUNA), LSB Industries, Inc. (LXU), Medpace Holdings, Inc. (MEDP), Neurocrine Biosciences, Inc. (NBIX), Invitae Corporation (NVTA), Overstock.com, Inc. (OSTK), Impinj, Inc. (PI), Pieris Pharmaceuticals, Inc. (PIRS), Skyline Champion Corporation (SKY), U.S. Silica Holdings, Inc. (SLCA), Smith Micro Software, Inc. (SMSI), Trex Company, Inc. (TREX), Workhorse Group Inc. (WKHS), Intrexon Corporation (XON), ZIOPHARM Oncology, Inc. (ZIOP).
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Days to cover is the amount of short interest divided by the company's average daily share volume. In other words, the number of days required to close out all the short positions. A higher number means more potential fuel to a stock’s rally as shorts cover, and thus accelerate the move, when the stock’s price rises.
On Balance Volume (OBV), developed by Joe Granville, is a running summation of volume on up-days minus volume on down days. OBV rises when volume on up days outpaces volume on down days -- and falls when volume on down days is stronger. A rising OBV reflects positive volume pressure that can lead to higher prices. Conversely, falling OBV reflects negative volume pressure that can foreshadow lower prices.