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CLVS, COLL, DERM, LSCC, SAVA, SGMS — Stock Charts to Watch

Charts of the Day video for Wednesday January 8th, 2020

Clovis Oncology, Inc. (CLVS) had a big reversal day on Wednesday. After plunging under the 50-day on Tuesday, it reached a nominal low at 8.11, before exploding to 11.28, and then pulling back to close up 2.30, or 27%, to 10.77, with a high of 11.28, on 16.5 million shares. That’s the best volume in a month. I think it might be the reversal we were looking for here. I’m not saying it will go 14 points like we did previously, but if it did, it could see 22, which is my secondary target. My initial targets are 13 1/2 and 17.

Collegium Pharmaceutical, Inc. (COLL), which is one of my top pics for the year, popped through key resistance in that zone and backed off. Still, it gained 2.20, or 11%, to 22.13, with a high of 22.67, on 928,678 shares traded. That was the best volume in two months. It looks to me like it’s headed to 25, and then 27-28.

Dermira, Inc. (DERM) is following its trend and doing very well. It exploded up to a double top on Wednesday, reaching session and 52-week high at 19.30, before pulling back and closing up 2.11, or 13.6%, to 17.56, on 4.9 million shares. I think it’s going to make it to the 23-23 1/2 range, but it may pull back and consolidate first.

Lattice Semiconductor Corporation (LSCC) may be breaking out. It did very well, but it needed time to consolidate, which took four-five months. But on Wednesday, it popped 1.11, or 5.5%, to 21.21, reaching session and 52-week high at 21.71, on 3.3 million shares. At this point, it’s breaking out and heading to 27-27 1/2, which is my next target.

Cassava Sciences, Inc. (SAVA) is looking awfully good, and I don’t think it’s done yet. On Wednesday, it was up 90 cents, or 12%, to 8.60, reaching a high of 9.06, on a solid 8.4 million shares traded. I was a little concerned for a couple days when it came down to the trendline and held support. Going forward, the next target is 11.40, and then 15-16.

Scientific Games Corporation (SGMS) popped and took out a three-wave, corrective-pullback, falling channel on Wednesday, which held support at the breakout point, and popped 2.00, or 7.4%, to 28.98, reaching a high of 29.56, on 1.6 million shares. If it can get through 31 3/4, or so, this stock could be 36-37, which are the targets going forward.

Stocks on the long side included Akebia Therapeutics, Inc. (AKBA), Canopy Growth Corporation (CGC), Clovis Oncology, Inc. (CLVS), Collegium Pharmaceutical, Inc. (COLL), 3D Systems Corporation (DDD), Dermira, Inc. (DERM), FuelCell Energy, Inc. (FCEL), Kiniksa Pharmaceuticals, Ltd. (KNSA), nLIGHT, Inc. (LASR), Luckin Coffee Inc. (LK), Lattice Semiconductor Corporation (LSCC), Maxar Technologies Inc. (MAXR), Perion Network Ltd. (PERI), U.S. Auto Parts Network, Inc. (PRTS), Cassava Sciences, Inc. (SAVA), SeaChange International, Inc. (SEAC), Scientific Games Corporation (SGMS), TG Therapeutics, Inc. (TGTX), and Weight Watchers International I (WW).

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