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AXSM, CATS, GBTC, IMMR, KL, ZYXI — Stock Charts to Watch

Charts of the Day video for Tuesday May 7th, 2019

It was a very difficult day on Wall Street on Tuesday. The indices gapped lower and channeled down all day. Only at the end did they do a short cover rally. It was a snapback kind of move, but the stocks that we follow still did well. We’ve got a lot of stocks that are trending and able to day trade. Let’s take a look at a few of them here.

Axsome Therapeutics, Inc. (AXSM), which now has a drug approval, is a swing from back in Jan, trading at 7.00, and change, and here it is, reaching 20.00 for the first time ever on Tuesday, up 39 cents, or 2.04%, to 19.54, on 1.5 million shares. You can see that this stock has been flagging for a week. I think it’s on its way up to 24, which is the target.

Catasys, Inc. (CATS), a healthcare industry leader, and a swing from the 12 3/4 range, is now trading in the 17 range. On Tuesday, it was looking pretty good and breaking out of the flag-type pattern, jumping 1.18, or 7.47%, to 16.98, with an increase in volume and OBV. I’m looking for a quick test of 18-18 3/4, and then 24-25 potentially.

Bitcoin Investment Trust (GBTC) had a massive drop that went from the 35.48 range in Dec 2017 to the 3.50-.75 range in Feb 2019. It based out, broke out with a breakaway gap, pulled back a couple times, consolidated, and now it’s breaking out again, popping 29 cents, or 3.86%, to 7.81, on 5.5 million shares on Tuesday. My targets are 8 3/4 and 10.

Immersion Corporation (IMMR), a developer and licensor of touch feedback technology, also appears to be breaking out of a base. Tuesday was a good day for this stock, gaining nearly a dollar, up 97 cents, or 10.23%, to 10.45, on 857,885 shares traded. That doesn’t seem like a lot of volume, but it has more than doubled the average volume. I’m looking for a move to test the gap around 12, and then fill that gap at some point at 13 1/2 as the secondary target.

Kirkland Lake Gold Ltd. (KL), one of our favorites, along with many other gold stocks that came to the forefront on Tuesday, soared 1.90, or 6.15%, to 32.80, on 2.5 million shares. That’s the best volume I’ve seen on KL on an up-day, going back to Feb. It might mean that it’s about to break out and test the highs around 36, and an immediate target at 33-34.

Zynex, Inc. (ZYXI), a medical technology company and one of our new swings, is really looking good. It had a one-day pullback on Monday, gapped to prior highs, and then popped 32 cents, or 4.72%, to 7.10, on 196,753, nearly 3 times the average volume. I think we’re going to 8 1/2-9 on this stock. That’s our target.

Stocks on the long side included Axsome Therapeutics, Inc. (AXSM), Catasys, Inc. (CATS), Carbon Black, Inc. (CBLK), cohu, Cray Inc. (CRAY), CEL-SCI Corporation (CVM), Enphase Energy, Inc. (ENPH), Everbridge, Inc. (EVBG), Bitcoin Investment Trust (GBTC), Immersion Corporation (IMMR), Kirkland Lake Gold Ltd. (KL), Predictive Technology Group, Inc. (PRED), SolarEdge Technologies, Inc. (SEDG), Syndax Pharmaceuticals, Inc. (SNDX), the VelocityShares Daily 2x VIX ST ETN (TVIX), the ProShares Ultra VIX Short-Term Futures (UVXY), Vivint Solar, Inc. (VSLR), and Zynex, Inc. (ZYXI).

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