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ARQL, BE, MX, NUS, PRPO, TPB — Stock Charts to Watch

Charts of the Day video for Wednesday May 1st, 2019

Markets had a pretty ugly session on Wednesday after the FOMC and Powel spoke. That late selloff was ugly, the Nasdaq 100 dropping a couple hundred points in the last hour, the S&P 500 just 31. They closed at the lows for the day going away. Not a good sign after early gains, so it may be a reversal day. We’ll just have to see. For now, let’s take a look at a few we highlighted here.

ArQule, Inc. (ARQL) has been ramping up, and you can see the pullback to the trendline, and then Wednesday’s bounce of 38 cents, or 6.37%, to 6.35, on 2.25 million shares. This is what you have to watch. 6.74 has been the high in the last 2-3 weeks. Wednesday’s high was 6.73. If it can get through that, targets are 7 1/4, 8.00, and 9.00, potentially.

Bloom Energy Corporation (BE) had another follow-through day on Wednesday with good volume, popping 70 cents, or 5.14%, to 14.32, on 2 million shares. I like the way this stock looks. I like the way it’s trending. I think it has much more potential. Targets are 16 1/2 and 20.

MagnaChip Semiconductor Corporation (MX) on Wednesday popped 1.11, or 12.54%, to 9.96, on 1.4 million shares. This stock looks like it’s about to take off. Wednesday’s high is 10.43. Over a week ago it traded at 10.45. If it can get through that, targets are 12, and higher.

Nu Skin Enterprises, Inc. (NUS) had a major breakaway gap on huge volume on Wednesday, jumping 13.45, or 26.44%, to 64.32, on 3.85 million shares. The key for this stock, for me, now is going to be in the 70-74 level. So, those are my targets.

Precipio, Inc. (PRPO) had a big pop on Wednesday, which is two out of the last three days on huge volume, bouncing 2.35, or 39%, to 8.40, on 5.3 million shares. Earlier in the month it exploded from 1.70 to 9.00, and change, and then back down to 4.00, and change. Right now, it seems to me, support is in the 4.40-.50 zone. If it gets a spike-up on Thursday to 9-9 1/2, this could be 11 or 12.

Turning Point Brands, Inc. (TPB), a tobacco, marijuana-related company, ran up in January, had a 5-wave corrective more, pulled back, and on Wednesday, exploded 7.68, or 18%, to 50.45, on 500,000 shares traded. That doesn’t sound like a lot of volume, but it’s the biggest volume since September. I think we’re headed toward 60.

Stocks on the long side included Digital Turbine, Inc. (APPS), ArQule, Inc. (ARQL), Bloom Energy Corporation (BE), Curaleaf Hldgs Inc. (CURLF), Enphase Energy, Inc. (ENPH), MagnaChip Semiconductor Corporation (MX), Nanometrics Incorporated (NANO), Nu Skin Enterprises, Inc. (NUS), OSI Systems, Inc. (OSIS), Precipio, Inc. (PRPO), Qudian Inc. (QD), Soliton, Inc. (SOLY), Turning Point Brands, Inc. (TPB), and Veracyte, Inc. (VCYT).

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