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CGC, CRC, RIGL, SLCA, DORM, GRUB, IIN, TLRD — Stock Charts to Watch

Charts of the Day video for Wednesday March 20th, 2019

It was an interesting, topsy-turvy, volatile day on this FOMC Wednesday. No question that the news was great, the stocks exploded, and then pulled back with a little bounce at the close. We’ll see what happens on Thursday. Right now, I am going to show you both longs and shorts and highlight several here.

Stocks on the Long Side…..

Canopy Growth Corporation (CGC) started to pop on Wednesday, getting up to resistance and backing off, but gaining 76 cents or 1.65%, to 46.87, on 14.7 million shares. That’s the largest volume in a month. This is one to watch. If it breaks across that zone of resistance, it’s going to fly. So, keep an eye on it.

California Resources Corporation (CRC), one of my favorite oil stocks, had a nice day on Wednesday as oil increased to over 60. This one jumped 1.86, or 7.38%, to 27.05, on 3.1 million shares. The volume increased to about the best in three weeks. It looks pretty good. I think we’re going to see 30 and 36 coming up.

Rigel Pharmaceuticals, Inc. (RIGL), which I put a swing on recently, actually came through on Wednesday and pulled right back to it, closing flat at 2.57, on 2.1 million shares. There might be a buy here. I’m looking for 3.15, 3.75, and then 4.00 and 4.50.

U.S. Silica Holdings, Inc. (SLCA), after the breakout, we put a swing on it. It then pulled back on Tuesday, but resumed the advance on Wednesday, gaining 40 cents, or 2.48%, to 16.52, on 1.5 million shares. That’s not a lot of volume and technically it needs to get over the double-top around 16.90, and then you’re looking at 18, and 20 1/2.

Stocks on the Short Side…..

Dorman Products, Inc. (DORM) has a head-and-shoulders that is still existing. It’s going sideways in a flag and looks bearish to me. It was down 21 cents to 82.77, on 123,743 shares traded. If it rolls over, we’re going to see 74, 67, and less.

GrubHub Inc. (GRUB) swing short is acting well. It dropped another 1.75, or 2.48%, to 68.85, on 4.3 million shares, which is pretty good volume for this stock. To me, it looks like, if it breaks its double-bottom, it’s headed to 66 1/2, and 56 1/2, or less.

IntriCon Corporation (IIN), also a swing short, was down 18 cents to 22.19, on 77,113 shares traded. It formed a flag around 35, and has been coming down ever since, reaching a low of 21.91 on Wednesday. I think it’s headed lower as well. The target on this one is in the 17-range, followed by 15, and then 14.

Tailored Brands, Inc. (TLRD) is one of the better shorts this year. It formed a flag and I gave you a short about 26, it rolled over, flagged, and got hammered all the way to under 8.00 at 7.88, down another 19 cents, or 2.35%, on 4.5 million shares. We’ll have to watch this one to see what happens next.

Stocks on the long side included BioDelivery Sciences International, Inc. (BDSI), Catabasis Pharmaceuticals, Inc. (CATB), Canopy Growth Corporation (CGC), Catalyst Pharmaceuticals, Inc. (CPRX), California Resources Corporation (CRC), Cryoport, Inc. (CYRX), Fluent, Inc. (FLNT), HyreCar Inc. (HYRE), Iridium Communications Inc. (IRDM), Iridium Communications Inc. (IRDM), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Natera, Inc. (NTRA), Nevro Corp. (NVRO), Rigel Pharmaceuticals, Inc. (RIGL), U.S. Silica Holdings, Inc. (SLCA), Electrameccanica Vehicles Corp. (SOLO), and Zynerba Pharmaceuticals, Inc. (ZYNE).

On the short side, stocks included Burlington Stores, Inc. (BURL), Dorman Products, Inc. (DORM), Dycom Industries, Inc. (DY), FedEx Corporation (FDX), GrubHub Inc. (GRUB), IntriCon Corporation (IIN), Inogen, Inc. (INGN), Medifast, Inc. (MED), Polaris Industries Inc. (PII), Dave & Buster's Entertainment, Inc. (PLAY), Red Robin Gourmet Burgers, Inc. (RRGB), Tailored Brands, Inc. (TLRD), TripAdvisor, Inc. (TRIP), and Weight Watchers International, Inc. (WTW).

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