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CDLX, CDNS, IPHI, TCDA, WYNN — Stock Charts to Watch

Charts of the Day video for Monday July 1st, 2019

Tonight’s charts are by Andre as Harry is out of town.

Cardlytics, Inc. (CDLX) had a breakaway gap, formed a wedge, broke out, flagged, formed a rising flag, extended the breakout, backed off to support around 28.00, popped out of the falling wedge, stair-stepped higher, formed another wedge, broke out to 29.25. It then backed off, formed a wedge, consolidated bullishly, backed off further to around 28.10, or so, popped out of a falling wedge, remained in a narrow channel, and closed fairly well on Monday, up 2.53, or 10%, to 28.51, on 841,092 shares traded. Swing target is 29.25, which would also be resistance. If it gets through that, targets are 30, 32.50, and then 35 going forward.

Cadence Design Systems, Inc. (CDNS) formed a breakaway gap, pulled back to trendline support, held, stair-stepped higher to 73.25, pulled back to support, popped, formed a falling wedge, stair-stepped higher, formed a narrow channel to resistance to 73.53, and backed off into a falling wedge to support. It moved into a bullish consolidation, pulled back to support, formed a narrow channel, popped out of a falling wedge, stair-stepped higher and closed fairly strong on Monday, up 2.54, or 4%, to 73.35, on 1.75 million shares. Swing target is at 75.00. There’s some resistance here. Targets are 73.53, 75.00, 77.50, and 80.00.

Inphi Corporation (IPHI) formed a breakaway gap, ran into resistance, backed off on low volume, popped again, exhibited some volatility here, moved into a narrow channel, and popped out of a falling wedge. It moved up in a rising channel, pulled back in a narrowing bullish channel, formed a double-top, stair-stepped higher, and closed very strong on Monday, up 3.57, or 7%, to 53.67, on 1.8 million shares. Swing targets are 55, 57.50, and 60.

Tricida, Inc. (TCDA) popped, stair-stepped higher, pulled back to trendline resistance, broke out, extended to 42.70, backed off, held trendline support, and then moved forward with some volatility. It then spiked up to 43, came down, continued volatile movement in a bullish trading pattern, held trendline support, stair-stepped higher, and closed fairly well on Monday, gaining 2.76, or 7%, to 42.22, on 591,138 shares traded. Swing trade targets are 43, 45, 47.50, and then 50.

Wynn Resorts, Limited (WYNN) formed a breakaway gap on volume, wedged, and held trendline support at 123.90. It recovered into a wedge, or coil, pulled back, popped, stair-stepped higher, exhibited quite a bit of volatility here, ran into resistance at 134.98, and backed off on profit taking. WYNN moved lower in a falling wedge or channel, and then held trendline support, closing fairly well on Monday, jumping 7.26, or 6%, to 131.25, on 3.4 million shares. Swing targets are 135, 137.50, and 140.

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