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AXSM, CGC, CLVS, LK, LUNA, PRQR — Stock Charts to Watch

Charts of the Day video for Thursday November 21st, 2019


Axsome Therapeutics, Inc. (AXSM) has been phenomenal for the last couple weeks. You can see the run up that has been non-stop practically. On Thursday, it advanced another 1.31, or 4.3%, to 34.12, on 1.6 million shares, and reached new all-time highs at 34.95, and closed right at resistance. Looking back at the long-term chart, I’m not sure why that is resistance. Perhaps the angle has changed to AXSM being a 50-dollar stock. First, look for it to run to 45.

Canopy Growth Corporation (CGC), one of the stocks we follow that’s in the marijuana group, exploded for three days from a low of 13.81 to Thursday’s high of 21.56. That’s nearly an 8-dollar advance or 75% in just these three days. On Thursday alone, it was up 2.65, or 15%, to 20.29, on 38.2 million shares. There’s resistance in the 21.56 zone, and I suspect it may pull back, like it did late in the day. Anything near the 18 1/2-3/4 range might be a good opportunity. Let’s watch it in the next few days to see if it backs and fills or not. A move through 22 1/2, and it might accelerate to the 26 range, and then 28 1/2-29. There’s a gap up near the 29 level. There’s resistance there, as well as at 25 3/4. But I’m going to wait for a pullback retest before I put a swing on it.

Clovis Oncology, Inc. (CLVS), a swing trade of ours, continues to act well since it broke out and has advanced nicely to get over 8.00. It pulled back on Wednesday, and followed through on Thursday, popping 75 cents, or 10.7%, to 7.76, with a high of 8.02, on 8.1 million shares. That tells me 9-9 1/4 are my targets up where the gap is on CLVS.

Luckin Coffee Inc. (LK), after the breakaway gap a week and a half ago, has run up non-stop. There was a 2-day pullback, and then it returned to the upside on Thursday, jumping 1.65, or 6.27%, to 27.95, with a high of 28.72, on 14.5 million shares. If it gets through that 28.72 high, this will be a 30-32-dollar stock.

Luna Innovations Incorporated (LUNA) continued to push up another 20 cents, or 2.89%, to 7.13, with a new high of 7.40, on 634,066 shares traded. I first gave you that one in the 3 1/2 range. The next target on LUNA is 9.00.

ProQR Therapeutics N.V. (PRQR) has popped two days in a row, now taking out the pattern. It had a big pop on Wednesday and had a nice follow-through on Thursday, gaining 49 cents, or 6.37%, to 8.18, with a high of 8.96, on 751,500 shares traded. The declining topsline was taken out on Thursday. Although it backed off, I’m still looking for a run up to 10-10 1/2, and then 12-12 1/4 going forward.

Stocks on the long side included Aurora Cannabis Inc. (ACB), Acreage Holdings, Inc. (ACRGF), Axsome Therapeutics, Inc. (AXSM), Canopy Growth Corporation (CGC), Clovis Oncology, Inc. (CLVS), Cronos Group Inc. (CRON), HEXO Corp. (HEXO), Luckin Coffee Inc. (LK), Luna Innovations Incorporated (LUNA), Contango Oil & Gas Company (MCF), ETFMG Alternative Harvest ETF (MJ), Molecular Templates, Inc. (MTEM), Nuance Communications, Inc. (NUAN), OrganiGram Holdings Inc. (OGI), ProQR Therapeutics N.V. (PRQR), Stage Stores, Inc. (SSI), XPEL, Inc. (XPEL).




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