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ANF, IOVA,LGCY, XNCR — Stock Charts to Watch

Charts of the Day video for Wednesday May 16th, 2018


Abercrombie & Fitch Co. (ANF), obviously, since the inverse head-and-shoulders formed, and it broke out, we put a swing on it. It worked out great. It has gone from the 15-15 1/2 range, all the way up into the high 20’s, reaching to 29.20, so almost doubling. Recently, it’s been consolidating, holding the 50-day moving average and trendline. On Wednesday, it popped 1.28, or 5%, to 27.15, on 3.5 million shares. What I’m looking for is a test and takeout of the 29 range. If it gets through that, I’m looking at 32, and 39 potentially down the road. This is a great-looking chart.

Iovance Biotherapeutics, Inc. (IOVA) broke out on Wednesday, jumping 1.20, or 7.87%, to 16.45, on 1.4 million shares. I liked the way it looked and put a swing on it. That’s the best volume in about eight weeks. It may have crossed resistance price wise and the moving average. It has already broken through near the declining topsline as much as a couple weeks ago, but hasn’t really made an advance of this caliber. Wednesday’s pop came with good volume and broke through price and moving average resistance. Look for a quick test of 17-17 1/4, and then maybe a run to 18-18 1/4, before getting up near 20.

Legacy Reserves LP (LGCY), one of the better swing trades this year, popped out, pulled back and flagged for two weeks, and then exploded, literally going up every day for the last eight days. On Wednesday, it was up another 96 cents, or 11%, to 9.65, which is the highest price we’ve seen going back three years, on 1.4 million shares. At this point, I will have to step back and ask where the next target should be on this one, and I will say it’s at 16 1/2. My current targets are 11 and 14. If this run continues, with the earnings they had, this will be a blowout.

Xencor, Inc. (XNCR), one of our old swings, had a big, engulfing reversal day on Wednesday, first getting down to 31, and closing up 1.01, or 3%, to 34.12, on 157,306 shares traded. I really like the look of that move. The OBV is rising. What you want to watch is 34.63. If it gets through that, my targets are in the 38, and 42-3 range.

Stocks on the long side included Abercrombie & Fitch Co. (ANF), Atara Biotherapeutics, Inc. (ATRA), Blink Charging Co. (BLNK), Codexis, Inc. (CDXS), Daqo New Energy Corp. (DQ), Eleven Biotherapeutics, Inc. (EBIO), Endocyte, Inc. (ECYT), Enphase Energy, Inc. (ENPH), Amicus Therapeutics, Inc. (FOLD), GTx, Inc. (GTXI), Turtle Beach Corporation (HEAR), Iovance Biotherapeutics, Inc. (IOVA), Intrepid Potash, Inc. (IPI), Legacy Reserves LP (LGCY), Macy's, Inc. (M), Pandora Media, Inc. (P), Rocket Pharmaceuticals, Inc. (RCKT), Square, Inc. (SQ), STAAR Surgical Company (STAA), Travelzoo (TZOO), Under Armour, Inc. (UAA), Vertex Pharmaceuticals Incorporated (VRTX), 21Vianet Group, Inc. (VNET), and Xencor, Inc. (XNCR).

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