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CGC, IMGN, KERN, LLNW — Stock Charts to Watch

Charts of the Day video for Wednesday January 15th, 2020

Canopy Growth Corporation (CGC) finished off the highs just under 26 on Wednesday, but above my 25-target, having jumped 1.05, or 4.4%, to 24.90, after reaching a high of more than a dollar higher at 25.97, on 21 million shares. This is one of the biggest volumes we’ve seen on this stock, which tells me it's a key-key breakout technical. I think it can go higher. My initial target is in the 28.85-29 zone, and there is a gap there as well right at 29.62. I think that’s an area it can get up to, but it may pull back. Longer-term, though, I think mid 30’s is doable.

Current swing trade ImmunoGen, Inc. (IMGN) had a pop in Nov, wedged, popped, pulled back, made an explosive move to my target, then pulled back in a falling wedge, made a 3-wave corrective move, and then on Wednesday, it snapped back 36 cents, or 7.84%, closing at the session high at 4.95, on 2.2 million shares. I think it’s going to test the highs at 6-6.10, and then run up towards 8.

Akerna (KERN) had a big run-up in Nov-Dec, which took it from about 3.14, or thereabout, to about 12.50, it had a long pullback falling wedge that took it all the way back down to about 7.16, and then on Wednesday, it popped 1.76, or 24.3%, to 9.00, after reaching a high of 9.39, on 629,165 shares traded. There's some resistance at 10 1/4, and if it gets through that level, the next target on a swing will be around 13.

Limelight Networks, Inc. (LLNW) has a really nice pattern, and you can see that it broke through resistance,and then on Wednesday, it popped 38 cents, or 8.46%, to 4.87, just pennies off the 4.91 high, on 1.7 million shares. The next target is about 5.35, and beyond that, the target is 6.

Stocks on the long side included Applied Optoelectronics, Inc. (AAOI), Canopy Growth Corporation (CGC), 3D Systems Corporation (DDD), Endo International plc (ENDP), Fulgent Genetics, Inc. (FLGT), Foamix Pharmaceuticals Ltd. (FOMX), Forterra, Inc. (FRTA), ImmunoGen, Inc. (IMGN), Akerna (KERN), Limelight Networks, Inc. (LLNW), Mallinckrodt Public Limited Company (MNK), NIO Inc. (NIO), Neoleukin Therapeutics, Inc. (NLTX), OrganiGram Holdings Inc. (OGI), PG&E Corporation (PCG), Purple Innovation, Inc. (PRPL), Rite Aid Corporation (RAD), Cassava Sciences, Inc. (SAVA), SmileDirectClub, Inc. (SDC), Origin Agritech Limited (SEED), and Sorrento Therapeutics, Inc. (SRNE).

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