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AMSC, APHA, PRQR, GRUB, IIN, MGPI — Stock Charts to Watch

Charts of the Day video for Wednesday January 2nd, 2019

AMSC, APHA, PRQR, GRUB, IIN, MGPI

It was a nasty day early on Wednesday when the market gapped down huge futures negatively imploded. It immediately rallied at the get-go, taking the Nasdaq 100 and S&P 500 way off the lows, and then they both rolled over in the afternoon, did about a .375 to a fifty percent retrace in that zone. They held secondary support intraday, and rallied back into the close nicely to finish with gains on the day. After hours, however, they took a bit of a nosedive, Apple Inc. (AAPL) being the culprit. We have a lot to cover. So, let’s take a look at the charts and Wednesday’s highlighted stocks.

Stocks on the Long Side....

American Superconductor Corporation (AMSC), one of our swing trades, is doing great. It formed an engulfing bar with a reversal of 10.69 on Wednesday, popping 60 cents, or 5.38%, to 11.75, on 245,553 shares traded, closing at the high for the day going away. It this gets through the 12 1/2 zone, you’re looking at 14-15 going forward.

Aphria Inc. (APHA) is still looking good. I like the way it looks, I like the base pattern that formed, the V-bottom with a right-hand extension, the break of the trendline and now a little wedge that formed. It also formed an engulfing bar on Wednesday, closing up 32 cents, or 5.62%, to 6.01, on 7.7 million shares. if it can get up across 6.35-.37, which is an important level, it may take off to 7 1/2 and 9 1/2 next.

ProQR Therapeutics N.V. (PRQR) snapped back on Wednesday, and maybe breaking out of the two-month falling wedge. It jumped 1.70, or 11%, to 17.48, on 464,171 shares traded. The volume wasn’t great, but it was a little bit of a pick-up. We’ll see if this means anything, but it did break through the declining topsline. Targets going forward are 20 3/4, 21, and then 24 eventually.

Stocks on the Short Side….

GrubHub Inc. (GRUB) rallied back to the declining topsline on Wednesday, but was still down 1.35, or 2%, to 75.46, on 1.9 million shares. It looks like it wants to rollover to 61-62.

IntriCon Corporation (IIN) looks terrible, although it has a nice rising wedge, and a bear short opportunity. It was down 57 cents, or 2%, to 26.81, on 149,339 shares traded on Wednesday. If it is somewhere near 27 at the declining topsline, it could rollover twice and see 21, or worse.

MGP Ingredients, Inc. (MGPI) recently formed a bear flag that looks like it may have been breaking on Wednesday. It dropped another 67 cents, or 1.17%, to 56.38, on 183,729 shares traded and may be headed down toward 48. Keep an eye on that one.

Stocks on the long side included Adial Pharmaceuticals, Inc. (ADIL), American Superconductor Corporation (AMSC), Aphria Inc. (APHA), AudioCodes Ltd. (AUDC), Direxion Daily MSCI Brazil Bull 3X ETF (BRZU), Canopy Growth Corporation (CGC), Cronos Group Inc. (CRON), California Resources Corporation (CRC), Intelligent Systems Corporation (INS), Intec Pharma Ltd. (NTEC), ProQR Therapeutics N.V. (PRQR), Qutoutiao Inc. (QTT), Ra Pharmaceuticals, Inc. (RARX), SMTC Corporation (SMTX), and Energous Corporation (WATT).

On the short side, stocks included Cutera, Inc. (CUTR), GrubHub Inc. (GRUB), IntriCon Corporation (IIN), Intuitive Surgical, Inc. (ISRG), MGP Ingredients, Inc. (MGPI), Nevro Corp. (NVRO), and PTC Inc. (PTC).




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