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BHC, CGC, COLL, CRC — Stock Charts to Watch

Charts of the Day video for Wednesday October 3rd, 2018


Bausch Health Companies Inc. (BHC) swing trade broke out above its June high on Wednesday, gaining 1.06, or 4%, to 28.32, on 9.7 million shares. That’s decent volume for this stock. It looks like it’s headed to 32, and then high 30’s.

Canopy Growth Corporation (CGC) continues to consolidate, popping 3.54, or 8%, to 49.28, on 8 million shares one Wednesday. It pulled back for 5 days, slightly took out a level of support, but held the trendline and two pullbacks at the trendline. If it holds that level without and further damage, it could always stop at 44.90. However, the targets going forward are 53 and 54.

Collegium Pharmaceutical, Inc. (COLL) may have broken back out on again. It has been in a down channel for four months. On Wednesday, it spiked up 1.73, or 11%, to 17.07, on 887,887 shares traded. That’s the biggest volume on an up-day in three months. It closed above the 50, but it didn’t close above the prior high. Watch this one on Thursday. Targets are 17 1/2, and then 19-20.

California Resources Corporation (CRC) broke out above its July high on Wednesday, jumping 1.35, or 3%, to 49.97, on 175 million shares, and made a nominal new high on the rising channel as well. This one was pretty powerful. Look for it to run to 53, and then 60 and 62, if not more.

Stocks on the long side included Aurora Cannabis Inc. (ACBFF), Amarin Corporation plc (AMRN), Amyris, Inc. (AMRS), Bausch Health Companies Inc. (BH), Canopy Growth Corporation (CGC), Collegium Pharmaceutical, Inc. (COLL), California Resources Corporation (CRC), Dermira, Inc. (DERM), Denbury Resources Inc. (DNR), Intelsat S.A. (I), Idera Pharmaceuticals, Inc. (IDRA), Kandi Technologies Group, Inc. (KNDI), New Age Beverages Corporation (NBEV), Tilray, Inc. (TLRY), Trevena, Inc. (TRVN), VelocityShares 3x Long Natural Gas ETN (UGAZ), Vericel Corporation (VCEL), 21Vianet Group, Inc. (VNET), and ViewRay, Inc. (VRAY).

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