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AXSM, AXTI, PHAS, PINS — Stock Charts to Watch

Charts of the Day video for Thursday April 25th, 2019

It was a pretty good day on Wall Street on Thursday. Nasdaq stocks particularly rallied nicely and a lot of stocks well follow did well. Let’s take a look at a few of them here.

Axsome Therapeutics, Inc. (AXSM), which is a swing since it pulled back and broke out in Jan, has moved from 7.00 to about 17.00 at 16.96, up 67 cents, or 4.18%, on 1.6 million shares on Thursday. It did this in less than five months. If it gets through here, we might see 21.00 pretty quickly.

AXT, Inc. (AXTI), a semi-conductor stock, that we loved in the 5.45 area, popped and broke out on Thursday, gaining 69 cents, or 14.56%, to 5.43, on 2.2 million shares. You can see on the chart how it rolled over and came all the way back down from the 10.85 level all the way down to 3.00-3.25 before bouncing. It took out resistance on Thursday and tested the next resistance. I’m looking for a move to 6 3/4 and eventually may be as high as 8.00.

PhaseBio Pharmaceuticals, Inc. (PHAS) bounced 91 cents, or 7.12%, to 13.69, on 263,628 shares traded. This stock formed a wedge with a 5-wave move that may not be reliable. If it should break out and run to 14 1/2, the targets are 19 and 20.

Pinterest, Inc. (PINS) has been a monster since it came out a week ago. It ran up, wedged, formed a third wave, and wave four may be started. It may need several more hours of consolidating, but eventually, I think we’re looking at 31-32.

Stocks on the long side included Axsome Therapeutics, Inc. (AXSM), AXT, Inc. (AXTI), Catalyst Pharmaceuticals, Inc. (CPRX), CVR Energy, Inc. (CVI), Fortune Brands Home & Security, Inc. (FBHS), Mimecast Limited (MIME), PhaseBio Pharmaceuticals, Inc. (PHAS), Pinterest, Inc. (PINS), Steven Madden, Ltd. (SHOO), ShockWave Medical, Inc. (SWAV), Travelzoo (TZOO), Upland Software, Inc. (UPLD), and Zynerba Pharmaceuticals, Inc. (ZYNE).

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