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AMRN, CPRX, SVMK, TELL — Stock Charts to Watch

Charts of the Day video for Wednesday March 27th, 2019

The market had kind of a mixed session on Wednesday. First, opening strong, then coming down hard, and rallying back, only to close down on the day, but mixed.

Amarin Corporation (AMRN), one of our favorites, and as you know, dropped off from the 23-range, down to under 17 as early as Wednesday morning. It then ripped right back up to 18.57, closing at 18.08, up 55 cents, or 3.14%, on 15 million shares, the biggest volume in about four weeks. It looks like it was an engulfing-bullish reversal-day with good volume. That might be a signal it wants to turn. On Thursday, watch 19.35-.36. If it gets through that, you may see 21-22 pretty quickly.

Catalyst Pharmaceuticals, Inc. (CPRX) continues to impress, up another 27 cents, or 5.34%, to 5.33, on 6.2 million shares on Wednesday. The recent move has taken it from 2 1/2 all the way up to 5 1/2. You can see, there’s resistance up here going back pretty far. If it breaks out of the multi-11-12 year base, we could see this stock go to 10, 12, even the 14-range. It’s going to be interesting to see going forward. It looks very bullish, but is it near-term extended, overbought? No. Can it go higher? Yes. But I would like to see a better set-up.

SVMK Inc. (SVMK) is following through on Tuesday’s pop, and had another little move on Wednesday of 18 cents, or 1.07%, to 17.00, on 1.9 million shares. It looks to me like this stock is headed to 18 1/2 and 20 1/2.

Tellurian Inc. (TELL) has a very long, multi-year base. It broke out of a wedge and has been running up six of the last seven sessions. On Wednesday, it was up 56 cents, or 5.24%, to 11.24, on 3 million shares. I think this stock may make a run at 12 1/2 and then 13 1/2.

Stocks on the long side included Amarin Corporation plc (AMRN), ChemoCentryx, Inc. (CCXI), Catalyst Pharmaceuticals, Inc. (CPRX), CorMedix, Inc. (CRMD), Futu Holdings Limited (FHL), Freddie Mac (FMCC), IMAC Holdings, Inc. (IMAC), Shoe Carnival, Inc. (SCVL), SVMK Inc. (SVMK), The Container Store Group, Inc. (TCS), Tellurian Inc. (TELL), UP Fintech Holding Limited (TIGR), and YETI Holdings, Inc. (YETI).

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