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SOLO, CRON, LSCC, NVTA — Stock Charts to Watch

Charts of the Day video for Wednesday February 13th, 2019


The market had a fairly good trading day on Wednesday, finishing higher. After some strong early action, and then a pullback, they firmed up. A lot of stocks we follow are doing well, a couple of them explosively. Let’s start off here with the chart of the day.

Electrameccanica Vehicles Corp. (SOLO) was up 2.99, or 223.13%, to 4.33, on over 40 million shares traded on Wednesday. In after hours it was up another 1.17 or 27%, going from 4.33 to 5.50, before moving into a coil pattern. When you see a chart that looks like this--pop, coil, pop coil, pop flag, run-up, flag, flag--just know, it’s one of those charts that last all day. The way you stay in the chart is by staying in the pattern and continuing to raise your stops. Net-net, this chart had a huge run-up, a huge explosive move, it was up against resistance and took out the 4.33 area. You might see this stock move, potentially, as high as the 6-7 range as early as Thursday. It got up to almost 6.00 in after hours. I wouldn’t be shocked to see a follow-through, but I wouldn’t chase this stock.

After a monster run that took Cronos Group Inc. (CRON) from 9 3/4 to the 26 range, it pulled back in a very neat, orderly wedge, and on Wednesday, it closed up 78 cents, or 4%, to 20.45, on over 17 million shares. Obviously, you want to stop it just under 18.65-.75, because it can come down to 17 1/2, even 15 1/2 again. But, for now, if this wedge breaks to the upside, I would not be shocked if this stock made a run to the high 30’s, in the 36 area.

Lattice Semiconductor Corporation (LSCC) had an incredible day on Wednesday with a blowout earnings report, taking it for a run up 2.42, or 291/2%, to 10.60, on 15 million shares. That’s as big a day I’ve ever seen on this stock. It’s at the top of the channel near long-term lateral resistance. If it starts to run, look for 15, 23, 25, and so on, as targets going forward.

Invitae Corporation (NVTA) has a beautiful bottom with a right-handed, extended-platform flag holding the 50, and popping 1.10, or 8%, to 15.65, on 2.2 million shares on Wednesday. Keep an eye on this one. If it makes a move through 16, targets are 18 1/2 and 22 1/2.

Stocks on the long side included Electrameccanica Vehicles Corp. (SOLO), Avalara, Inc. (AVLR), Canopy Growth Corporation (CGC), CleanSpark, Inc. (CLSK), California Resources Corporation (CRC), Cronos Group Inc. (CRON), eGain Corporation (EGAN), Freeport-McMoRan Inc. (FCX), Intrepid Potash, Inc. (IPI), Knight-Swift Transportation Holdings Inc. (KNX), Louisiana-Pacific Corporation (LPX), Lattice Semiconductor Corporation (LSCC), Invitae Corporation (NVTA), OncoCyte Corporation (OCX), Arcadia Biosciences, Inc. (RKDA), The Green Organic Dutchman Holdings Ltd. (TGODF), Unisys Corporation (UIS), and Uxin Limited (UXIN).




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