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CLSD, GE, LB, PCG, PENN, RCEL — Stock Charts to Watch

Charts of the Day video for Wednesday January 29th, 2020


Clearside Biomedical, Inc. (CLSD) is ramping a little bit, and had an engulfing day on Wednesday, popping 33 cents, or 10.5%, to 3.47, just two cents of the session high at 3.49, on 1.75 million shares. If it can accelerate here, or follow through, watch for a retest quickly on Thursday of 3.95, and through that we may see 5.00.

General Electric Company (GE), with a monster earnings report and monster volume of 220 million shares, exploded on Wednesday for 1.21, or 10.3%, to 12.94, not far off its high of 13.00. Now, in a defined uptrend, you can see what the determination would be. I failed to put a swing on it, because I thought it was so heavily capped, but it sure looks like it wants to move. My targets are 14 1/4, and then 15 1/2.

L Brands, Inc. (LB) exploded with a major breakaway gap on Wednesday, jumping 2.66, or 13%, to 23.63, before pulling back and closing at 23.22, on 32 million shares. When it has a long downtrend, bases out, and then breaks out with a lot of volume like it had on Wednesday, it’s probably moving higher. I’m looking for 25, and then 28 as my next targets.

Penn National Gaming, Inc. (PENN) has a nice chart, and also exploded on Wednesday, snapping back 2.81, or 11%, to 29.02, with a high of 30.44, on 12.5 million shares. After it ran up to resistance on Wednesday, it backed off, but it is a clean breakout. If I’m looking at the overall structure of the up channel, it may have hit the top of the channel at lateral resistance and may be due for some consolidation. The next targets are 33 and 36 going forward.

Swing trade Avita Medical Limited (RCEL) broke out on Wednesday with a mini-breakaway gap, gaining 43 cents, or 5%, to 9.29, ten cents off the session high at 9.39, on 351,466 shares traded. This was after a 2-week, declining channel. It tested the trendline and 50-day moving average. I think it’s ready to make a run past 9.60, test 10.60, and then it will be on its way toward 13.

Stocks on the long side included Aethlon Medical, Inc. (AEMD), Agilysys, Inc. (AGYS), Aptose Biosciences Inc. (APTO), Clearside Biomedical, Inc. (CLSD), Co-Diagnostics, Inc. (CODX), Dynatrace Holdings (DT), Bitcoin Investment Trust (GBTC), General Electric Company (GE), ImmunoGen, Inc. (IMGN), InMode Ltd. (INMD), L Brands, Inc. (LB), MACOM Technology Solutions (MTSI), NantKwest, Inc. (NK), Invitae Corporation (NVTA), PG&E Corporation (PCG), Penn National Gaming, Inc. (PENN), Avita Medical Limited (RCEL), SmileDirectClub, Inc. (SDC), SeaChange International, Inc. (SEAC), Tandem Diabetes Care, Inc. (TNDM), and Tesla, Inc. (TSLA).




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