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BHC, CALX, CRNT, NTR — Stock Charts to Watch

Charts of the Day video for Tuesday November 6th, 2018


Bausch Health Companies Inc. (BHC) closed up 1.15, or 4.5%, to 26.92, on 12 million shares on Tuesday. This stock had a nice surge back after breaking support about a week ago, then took it all the way from 21 1/2 to 27 1/2. There’s resistance in that zone, but I expect some problems here. The target is 32, and the longer-term target, after it gets to the channel top, will probably be around 39.

Calix, Inc. (CALX) exploded and we had a nice day trade on Tuesday. It jumped 1.85, or 24%, to 9.37, on 2.2 million shares. On the one-minute chart you can see how it popped, flag, popped, coiled all day, and at the end of the day it firmed up. According to some good authority, this is a powerful, fundamental turn-around, and this stock could be 20 or 25 in the next few months, or maybe a year. It was in a down-trend, going back to 2013, then went from 14, and change, to 4, in a long-term declining pattern. The pattern was broken, it retested, popped, formed a rising channel formed, and then broke out on Tuesday, reaching the highest level achieved in 3 1/2 years. I’m looking for an extension that takes it to 11 3/4, and 14, eventually.

Ceragon Networks Ltd. (CRNT), which I liked since it broke out in February, popped 26 cents, or 7%, to 3.93, on 1.9 million shares, on Tuesday. The pullback has me bullishly on it. I’m looking for the triple-top to be taken out and a move to 5 1/2. Ultimately, I think it’s a 7-dollar stock.

Nutrien Ltd. (NTR), a fairly new issue, is a merger. When we had a swing on it, it worked its way higher, then had a 3-wave, corrective, and broke support. It had a secondary support and trendline and ran right back up. On Tuesday, NTR was up 2.78, or 5%, to 56.98, on 3.6 million shares. I think it’s going to take out 58 short-term, and then 63.

Stocks on the long side included Array BioPharma Inc. (ARRY), Bausch Health Companies Inc. (BHC), Bilibili Inc. (BILI), BioScrip, Inc. (BIOS), Calix, Inc. (CALX), Ceragon Networks Ltd. (CRN), iShares MSCI Brazil ETF USD Acc (CSBR), Limited (CYOU), Dicerna Pharmaceuticals, Inc. (DRNA), Fabrinet (FN), The Mosaic Company (MOS), Nutrien Ltd. (NTR), Novanta Inc. (NOVT), On Deck Capital, Inc. (ONDK), Vericel Corporation (VCEL), Xilinx, Inc. (XLNX).

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