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CORT, CRC, MLCO, VRNS — Stock Charts to Watch

Charts of the Day video for Wednesday January 17th, 2018


Corcept Therapeutics Incorporated (CORT), one of our old swing trades, is doing well. It finally broke out of a 4-month consolidation, It broke out, got quiet, popped out, retested, and had a big engulfing move on Wednesday, gaining 88 cents, or 4%, to 22.19, on 4.4 million shares traded. My targets are 23 1/2, and then 25-6.

California Resources Corporation (CRC) continues to impress, and has done very well for us. It broke out of the falling wedge, and ran from 16 to 23. A really strong surge had taken place last month, and yet it doesn’t look done by any means. On Wednesday, it was up 1.66, or 8%, to 23.67, on 1.5 million shares traded. Targets are 25, and then 30.

Melco Resorts & Entertainment L (MLCO) is looking very good, up 87 cents, or 3%, to 28.76, on 3.6 million shares traded on Wednesday. The fact that it’s at the top of the channel doesn’t persuade me from thinking it’s going higher. It not only popped above resistance on Wednesday after holding support at the 50 and the trendline, it broke out. I think it’s headed to 31 now.

Varonis Systems, Inc. (VRNS) is an old swing of ours that was up 1.60, or 3%, to 52.90, on 255,205 shares traded on Wednesday, and is still doing well. It broke out of a coil a week ago and it’s still extending. If it gets through 53.85, I think we’re going to see 57 and 62, which are the next targets.

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