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BYND, PAYC, ROKU, TWLO — Stock Charts to Watch

Charts of the Day video for Tuesday September 24th, 2019

Let’s take a look at some shorts here.

Beyond Meat, Inc. (BYND) rolled over from 160.00 to 139.07 just in the last few days, and on Tuesday, it was down 5.23, or -3.5%, to 142.99, on 2.3 million shares traded. If it violates the Aug low at 136.25, it’s likely to be down at 119-120, and maybe even as low as 105-107. The high was 240 in July. The pullback low is 136. From retracement and channel bottoms, it could very well be a gap test at 119-120, or a gap fill, which takes it all the way down to 100. It has a dramatic-looking left shoulder-head-right shoulder, the right shoulder with no volume which is not unusual.

Paycom Software, Inc. (PAYC) broke down from its trend, formed a beautiful bear flag, and popped out of it on Tuesday to the downside, dropping 8.51, or -3.9%, to 208.93, on 748,283 shares traded, which was an increase in volume. If it goes any lower, my targets are 195, 182, and 170.

Roku, Inc. (ROKU) came down, formed a bear wedge, and then went short and dropped from 153 to 99. On Tuesday, it lost 3.84, or -3.58%, to 103.53, on 37 1/4 million shares traded. At this point, it’s long-in-the-tooth to the downside and may need to bounce. If it gets a market drop, I think it’s going to get to 88-89 before it rallies. That could very well happen if the market tanks.

Twilio Inc. (TWLO) came down, formed a bear wedge, dropped, formed another bear wedge, and on Tuesday, it dropped another 3.82, or -3.38%, to 109.11, on 4.8 million shares. If this one should get under the Tuesday low at 106 1/2, or so, you’re looking at 100 and 93 as the next targets.

Stocks on the long side included Beyond Meat, Inc. (BYND), Coherus BioSciences, Inc. (CHRS), Dova Pharmaceuticals, Inc. (DOVA), Fresh Del Monte Produce Inc. (FDP), Floor & Decor Holdings, Inc. (FND), iCAD, Inc. (ICAD), Jabil Inc. (JBL), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Ovid Therapeutics Inc. (OVID), Paycom Software, Inc. (PAYC), Puma Biotechnology, Inc. (PBYI), Pier 1 Imports, Inc. (PIR), Roku, Inc. (ROKU), Twilio Inc. (TWLO), and VolitionRx Limited (VNRX).

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