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AXDX, BBBY, IQ, NETE, X — Stock Charts to Watch

Charts of the Day video for Tuesday June 16th, 2020


Accelerate Diagnostics, Inc. (AXDX) has a pattern I love. A V-bottom, platform, coil, breakout, retest of the trendline that was broken, and then off it goes. If formed an engulfing bar on Monday, and on Tuesday, it ran up 1.19, or 12%, to 11.29, after reaching a session high of 11.45, on 1.1 million shares traded. If it takes out 11.88, it might see a run that takes it all the way up to me mid-teens.

Bed Bath & Beyond Inc. (BBBY) broke out with a price-volume surge and breakaway gap on Tuesday, popping 1.27, or 15%, to 9.64, after making its way up to a session high of 9.78, on 17.6 million shares traded. I’m looking for a retest of the recent highs around the 10.15 zone, and then the target is 12 1/2-3/4.

iQIYI, Inc. (IQ) is looking good. On Tuesday, it made a big breakaway move, jumping 4.95, or 26%, to 24.10, with a session high of 26.45, on 71 million shares traded and another 10 cents in after-hours 24.20. Although it closed a little below mid-range, I’ll look for an extension on this one to test 27. There is some resistance there, but if it can get through that, it might make a run all the way up to the low-to-mid 30’s.

Net Element, Inc. (NETE) exploded for two days and pulled back on a nice reversal on Tuesday morning. But, still, it closed up on the day, gaining 86 cents, or 12 1/2%, to 7.76, after running up to a session high at 9.11, on 7 million shares traded. If it backs and fills, it may move higher. If it does, targets are 10-10 1/2, and then 13 1/2-14.

United States Steel Corporation (X) had a nice trading day on Tuesday, advancing 95 cents, or 10%, to 10.47, with a morning session high of 10.70, on 18 million shares traded. It also popped with a breakaway gap, leaving a few-day island, reversal cluster. Target is near resistance at 11. If it gets through that, secondary target is 12 1/2.

Stocks on the long side included Digital Turbine, Inc. (APPS), Accelerate Diagnostics, Inc. (AXDX), Bed Bath & Beyond Inc. (BBBY), ClearSign Technologies Corporation (CLIR), Celsion Corporation (CLSN), Amicus Therapeutics, Inc. (FOLD), iQIYI, Inc. (IQ), Livongo Health, Inc. (LVGO), Remark Holdings, Inc. (MARK), Net Element, Inc. (NETE), NIO Inc. (NIO), U.S. Concrete, Inc. (USCR), Veritone, Inc. (VERI), Wah Fu Education Group Limited (WAFU), WW International, Inc. (WW), United States Steel Corporation (X), and Zynex, Inc. (ZYXI).




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