Charts of the Day

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CGC, CREE, DDD, SMTC — Stock Charts to Watch

Charts of the Day video for Wednesday August 8th, 2018

CGC, CREE, DDD, SMTC

Canopy Growth Corporation (CGC) looks like it is possibly going to break out and is in a bear coil or flag. It popped out on Wednesday, jumping 1.34, or 5%, to 27.55, 2.9 million shares. Volume picked up to the best volume in two weeks. Breakout day is important. Watch resistance and moving average at 28.80 level, and then 30 1/2. Those are the targets to keep an eye on Thursday and will be day trades if there is a follow-through.

Cree, Inc. (CREE) broke out across the June highs on Wednesday, popping 1.49, or 3%, to 51.22, on 1.5 million shares. This is a new multi-year high. There’s an internal trendline that connects all of the tops. It comes in right about the 55 range, which is my near-term target. Intermediate target is 60-61.

3D Systems Corporation (DDD), which I gave you a swing when it broke out, moved up nicely to the first target, got slam-dunked, and then came back on Wednesday, jumping 4.39, or 32%, to 17.96, on 19 million shares. That’s the second biggest volume I’ve seen on this stock. It’s the kind of volume you want to see on a breakout day. Even though it’s at the top of the channel and may need to consolidate, eventually, you’re looking at 22-23 as targets going forward.

Semtech Corporation (SMTC), one of our swing trades, gained 1.20, or 2.39%, to 51.45, on 344,465 shares traded on Wednesday. It moved right back off support and you can see right to resistance. If it breaks here, we’re looking at 58.

Stocks on the long side included Amyris, Inc. (AMRS), Antares Pharma, Inc. (ATRS), Bandwidth Inc. (BAND), BioLife Solutions, Inc. (BLFS), Boot Barn Holdings, Inc. (BOOT), CECO Environmental Corp. (CECE), Canopy Growth Corporation (CGC), Cree, Inc. (CREE), Caesarstone Ltd. (CSTE), 3D Systems Corporation (DDD), DocuSign, Inc. (DOCU), Endo International plc (ENDP), HTG Molecular Diagnostics, Inc. (HTGM), Horizon Pharma Public Limited Company (HZNP), Match Group, Inc. (MTCH), Natural Grocers by Vitamin Cottage, Inc. (NGVC), NeoPhotonics Corporation (NPTN), On Deck Capital, Inc. (ONDK), Semtech Corporation (SMTC), Superior Industries International, Inc. (SUP), Teladoc, Inc. (TDOC), Xenon Pharmaceuticals Inc. (XENE).




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