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AXSM, DQ, ICAD, QD, SKY — Stock Charts to Watch

Charts of the Day video for Wednesday May 22nd, 2019


Axsome Therapeutics, Inc. (AXSM), which I put out as a swing last Jan, popped and pulled back and started to trend. On Wednesday, it jumped 1.48, or 6.3%, to 25.09, on 1.7 million shares. I think it’s still in it for the most part, because nowhere has this stock taken out the trendline. The trend is your friend, and it’s still going higher. I can see AXSM making a run into the high 20’s but keep your eye on the 22 level for potential protection.

Daqo New Energy Corp. (DQ), a Chinese semiconductor, was spiking off the low after four times holding the support area, rising channel, and bottom as well. On Wednesday, it popped 2.67, or 7.44%, to 38.55, on 701,497 shares traded. For now, I’m looking at resistance at 42, which is up next, and then mid-to-high 50’s. Those are the targets. If it breaks out above here, it could very rapidly rise higher.

iCAD, Inc. (ICAD), a former swing of ours, which I put out in Jan around 9-10, it exploded to the target, pulled back in a falling wedge, popped, couldn’t get though, backed of and retested the trendline in a really sharp angle of ascent, and up through it, gaining 21 cents, or 3.44%, to 6.31, on 254,138 shares traded on Wednesday. It looks to me like it still has room to run further. My targets are 7 1/2, 8 3/4, and 11.

Qudian Inc. (QD) formed a base in Oct, broke out, pulled back, retested, and then spiked up on Wednesday, bouncing 51 cents, or 7.19%, to 7.60, on 10.5 million shares. It looks like it wants to take a run at the 8 1/2, and then move to 10 1/2. Those are the targets going forward.

Skyline Champion Corporation (SKY), a mobile home builder, and we put a swing on it on Wednesday as it was breaking out. It snapped back 3.02, or 14%, to 24.80, on 1.8 million shares. It extended to the level of resistance. Going forward the targets are 27, 30, and 32.

Stocks on the long side included Axsome Therapeutics, Inc. (AXSM), Canopy Growth Corporation (CGC), the VelocityShares 3x Inv Natural Gas ETN (DGAZ), Daqo New Energy Corp. (DQ), the VelocityShares 3x Invrs Crude Oil ETNNew (DWT), the ProShares UltraShort Bloomberg Crude Oil (SCO), iCAD, Inc. (ICAD), Inseego Corp. (INSG), Iovance Biotherapeutics, Inc. (IOVA), Qudian Inc. (QD), Sea Limited (SE), Skyline Champion Corporation (SKY), Twitter, Inc. (TWTR), USA Technologies, Inc. (USAT), and Veritone, Inc. (VERI).




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