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CBAY, CONN, LITE, NTNX — Stock Charts to Watch

Charts of the Day video for Tuesday October 24th, 2017


Cymabay Therapeutics, Inc. (CBAY), an old swing of ours, is acting well. From the breakout and base, the pullback, and then the breakout in May, this stock has been moving up steadily, and it formed a wedge. It has a mid-channel line, and the recent pullback was taken out on Tuesday, as the volume thrust to 1.3 million shares traded, popping 85 cents, or 11%, to 8.73. It looks like that if it takes out the recent highs, it could run up to 10, 11 3/4, even as high as the 13-4 zone over the next week.

Conns Inc. (CONN), a retail stock, has been phenomenal since the March low when it was trading under 8 dollars. On Tuesday, it jumped 4.45, or 17%, to 31.30, on 2.4 million shares traded, the high 32.00, now up four-fold. That’s the biggest volume since April-May. I’m thinking this may accelerate to the top of the channel, and then make a move to the low 40’s. So, my two targets are 35, and 41-2 going forward. It has 10 days to cover, and I think the shorts are on a squeeze here.

Lumentum Holdings Inc. (LITE) has a very strong channel and a very strong pattern. It broke out of a base on Tuesday that took a couple months to develop, and popped 3.60, or 6%, to 63.10, on 3.7 million shares traded. That’s the biggest volume in about 8-9 weeks. There is resistance overhead at about the 65-range. If it gets through that, the target is 68-9.

NUTANIX, INC. (NTNX) is acting great. Looking at the chart from Tuesday, most importantly, it looks like it came out through a double top after going back two days ago. That consolidation above the key level is where it broke out, jumping 1.49, or 5.63%, to 27.95. With the volume at 5.6 million shares traded and 5 days to cover, it looks like 30-1, and then 33-4 are coming soon.

On the long side, stocks included Cymabay Therapeutics, Inc. (CBAY), Concert Pharmaceuticals, Inc. (CNCE), Conns Inc. (CONN), Majesco Entertainment Company (COOL), General Motors Company (GM), Lumentum Holdings Inc. (LITE), NeoPhotonics Corporation (NPTN), NUTANIX, INC. (NTNX), Overstock.com, Inc. (OSTK), Polaris Industries Inc. (PII), Fang Holdings Limited (SFUN), Social Reality, Inc. (SRAX), Tailored Brands, Inc. (TLRD), Volt Information Sciences, Inc. (VISI), and Xunlei Limited (XNET).




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