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AXSM, DQ, NWL, RESN, SGEN, ZYXI — Stock Charts to Watch

Charts of the Day video for Wednesday October 2nd, 2019

Axsome Therapeutics, Inc. (AXSM) was acting great. It actually broke out mid-Sept, ran up, formed a flag, and it looked like it was going to fly, but the biotech’s got hammered, taking it down from 30 all the way down to 13.60 on Tuesday, and then on Wednesday it had a big bounce up 1.55, or 9.28%, to 18.26, on 2.9 million shares. After coming down and bouncing again, it looks like bottoming action. Unfortunately, 23 is the stopping point.

Daqo New Energy Corp. (DQ) set up a platform for breaking out. It looked like it was going to explode and run into the 60’s, but instead, it rolled back and dropped 1.08, or (-2.40%), to 43.86, on 168,978 shares traded and on Wednesday. The next targets are 39-39 1/2. Keep this one in mind for down the road because if it holds the trendline, it could be a big one.

Newell Brands Inc. (NWL) broke out, closed poorly near resistance, had an inside day on Tuesday, but on Wednesday, it got hurt, losing 83 cents, or (-4.46%), to 17.79, on 3.7 million shares. Quite frankly, anything under 17 1/2, we’re out, but if it holds here and moves up, great. But be careful, it might retest 60 1/4.

Resonant Inc. (RESN) is one of the few stocks that look really good, although it had a nice pullback on Wednesday, and then exploded 50 cents, or 18%, to 3.23, on 57,985 shares traded. My targets are 3.94 and then 4.75.

Seattle Genetics, Inc. (SGEN) exploded to key, triple-top resistance and pulled back on Wednesday, but not begrudgingly, down 1.46, or (-1.70), to 84.54, on 1 million shares. If it sets up nicely here, we could see 104-105 on this one.

Zynex, Inc. (ZYXI) had a really nice day on Wednesday. It broke out of a coil pattern and accelerated with volume, popping 1.05, or 11%, to 10.78, on 1.2 million shares. Any move above the 11 3/4 range, you may see 14 and 17. As a result, I put a swing trade on this one on Wednesday.

Both longs and shorts included Applied Optoelectronics, Inc. (AAOI), Abeona Therapeutics Inc. (ABEO), Alpha and Omega Semiconductor Limited (AOSL), Axsome Therapeutics, Inc. (AXSM), Babcock & Wilcox Enterprises, Inc. (BW), Coherus BioSciences, Inc. (CHRS), Ceragon Networks Ltd. (CRNT), Daqo New Energy Corp. (DQ), Dynavax Technologies Corporation (DVAX), Eros International Plc (EROS), Eton Pharmaceuticals, Inc. (ETON), Turtle Beach Corporation (HEAR), Inogen, Inc. (INGN), Maxar Technologies Inc. (MAXR), Newell Brands Inc. (NWL), Rite Aid Corporation (RAD), Resonant Inc. (RESN), Repligen Corporation (RGEN), ShockWave Medical, Inc. (SWAV), and Zynex, Inc. (ZYXI).

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