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CDMO, LUNA, RKDA, WKHS — Stock Charts to Watch

Charts of the Day video for Monday August 26th, 2019

Avid Bioservices, Inc. (CDMO) popped in July, pulled back, I put a swing on it at around the 6-61/2 level, and on Monday it was up 32 cents, or 4.87%, to 6.39, on 122,300 shares traded. It’s still only around 7.00, but Monday was a nice reversal day, and I think it’s headed to a test of 7 1/2, and then 8 1/2.

Luna Innovations Incorporated (LUNA) was up 21 cents, or 3.56%, to 6.19, on 411,100 shares traded. The volume has picked up the last 3-4 weeks and this is an increasing OBV. I think this is an 8-dollar stock in the next few weeks.

Arcadia Biosciences, Inc. (RKDA) has been a spectacular and excellent swing trade for us. It pulled back, ran up to 9 1/2, backed off, and then on Monday, it broke out 3.38, or 52.24%, to 9.85, on 2.3 million shares. That was an explosive move for this stock. The volume and OBV were high. If it gets through Monday’s high at 10.20, then I’m looking for something as high as mid-teens, maybe 17.

Workhorse Group Inc. (WKHS) continues to look good. It took a big hit that came back nicely. On Monday it was up 67 cents, or 14.32%, to 5.19, on 2.5 million shares. A rising channel is now forming. The next target is a retest of 5-5 1/4, 6 1/2, and then maybe, with stronger volume, it will break out above that to 8-8 1/2.

Stocks on the long side included Avid Bioservices, Inc. (CDMO), Fossil Group, Inc. (FOSL), Fastly, Inc. (FSLY), InMode Ltd. (INMD), Intelligent Systems Corporation (INS), Luna Innovations Incorporated (LUNA), Moderna, Inc. (MRNA), Anaplan, Inc. (PLAN), Arcadia Biosciences, Inc. (RKDA), Sientra, Inc. (SIEN), Telaria, Inc. (TLRA), Workhorse Group Inc. (WKHS), and Weight Watchers International I (WW).

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