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CODX, GILD, MRNA, NVAX, RAD, ZYXI — Stock Charts to Watch

Charts of the Day video for Tuesday March 17th, 2020

Co-Diagnostics, Inc. (CODX) popped and pulled back on Tuesday, gaining 1.59, or 17 1/2%, to 10.68, after reaching a high of 13.00, on 18 million shares traded, and then traded another 24 cents or 2.25%, in after-hours. It closed way off the high. Nevertheless, it’s still in a wedge pattern. If it’s going to pop at some point, it’s going to break, possibly it could be in the high 20’s, low 30’s, even 40 or 50 at some point. We don’t know what’s going to happen yet. But, for now, it’s something to watch.

Gilead Sciences, Inc. (GILD) reversed beautifully on Tuesday, jumping 5.62, or 8.16%, to 74.52, with a high of 76.08, on 28.8 million shares traded. I don’t know why it got below 64-65 on Monday. There’s resistance around the 78-80 zone. If it can get through that, the target is 85-86.

Moderna, Inc. (MRNA) broke through the declining topsline slightly on Monday, exploding 1.69, or 6.38%, to 28.18, with a high of 32.70, on 44.5 million shares traded, and then pulled back, much like CODX. It looks to me like some of these stocks are losing their momentum but can easily pick it up. The volume was heavy on Tuesday, and it did break through a double top before backing off, so it might be an entry opportunity. Resistance now is 30 and 33, and then we’ll see what happens beyond that.

Novavax, Inc. (NVAX) had a good day on Tuesday, jumping 2.59, or 37 1/2%, to 9.50, with a high of 10.18, on 11.6 million shares traded. It snapped back to resistance, so we’ll have to see if it will take out 10 3/4. If it can, then I’m looking at 12 1/2 and 13 as targets.

Rite Aid Corporation (RAD) really acted well on a snap back on Tuesday, gaining 3.83, or 29%, to 16.95, just a nickel off the session high at 17, on 10.4 million shares traded. Even before the market rallied, it went from 9 1/4, all the way up to 17, almost doubling. It’s at resistance. If it can get through here, you’re looking at 19 and 22 going forward.

Zynex, Inc. (ZYXI) had a nice reversal on Tuesday, popping 2.24, or 24%, to 11.59, on 341,659 shares traded. This stock came all the way down to 7.93 on Monday, and then went all the way up back up to Tuesdays high at 11.67. I look for this to retest the highs at 14 3/4. Beyond that, the target is 17.

Stocks on the long side included Agilent Technologies, Inc. (A), Air Transport Services Group, Inc. (ATSG), Blue Apron Holdings, Inc. (APRN), Co-Diagnostics, Inc. (CODX), Gilead Sciences, Inc. (GILD), Genprex, Inc. (GNPX), Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG), Direxion Daily Gold Miners Index Bull 3X Shares (NUGT), Moderna, Inc. (MRNA), Novavax, Inc. (NVAX), Rite Aid Corporation (RAD), Teladoc Health, Inc. (TDOC), United Natural Foods, Inc. (UNFI), Xencor, Inc. (XNCR), and Zynex, Inc. (ZYXI).

On the short side, stocks included Aaron's, Inc. (AAN), Aramark (ARMK), Boot Barn Holdings, Inc. (BOOT), Core Laboratories (CLB), Copa Holdings, S.A. (CPA), Crocs, Inc. (CROX), Discover Financial Services (DFS), Dunkin' Brands Group, Inc. (DNKN), BRP Inc. (DOOO), Darden Restaurants, Inc. (DRI), Expedia Group, Inc. (EXPE), Group 1 Automotive, Inc. (GPI), Knoll, Inc. (KNL), Six Flags Entertainment Corporation (SIX), and Skechers U.S.A., Inc. (SKX).

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