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Advanced Micro Devices, Inc. (AMD), which started Wednesday off with a bang, and then ran up 4.77, or 6.23%, to 81.35, having gone from 78.97, to the session high at 81.85, on 65.7 million shares traded. You can see, this stock was forming a large consolidation in April, May, and June. My thinking is that it is a reversal and if it can move out above the declining topsline, it will retest the highs in the low 90’s, and then my next target is in the 109-110 zone.
Amicus Therapeutics, Inc. (FOLD) is also at the top of the channel and lateral resistance on Wednesday, jumping 1.77, or 9.33%, to 20.74, with a low of 18.93 to a new all-time high at 20.93, on 2.76 million shares traded. It has broken through quadruple tops and is flying here. Since it is at the top of the channel, I was looking at it as a move off the low around 6.00 with a five-wave move up. It may need to consolidate, but if momentum takes it further, we could see low 20’s.
Kandi Technologies Group, Inc. (KNDI) exploded on Wednesday on U.S. certification, particularly in California where it is now able to sell electric cars and popped out of a three-week falling wedge. It gained 1.29, or 18.64%, to 8.21, with a move from a low 6.72 to the session high at 9.17, on a huge 47.8 million shares traded. That was a substantial move for this stock. My next target is a test of 10.50-.75. If it gets through that, then we are looking at 14.
Scholar Rock Holding Corporation (SRRK) exploded on Wednesday and is now in a rising-type flag or coil, and ran up 4.23, or 10.4%, to 44.90, going from the low a 41.40 to the session high at 48.11, on 2.6 million shares traded. I like the way this stock looks. At this point, I think it is headed to the mid-50’s.
Supernus Pharmaceuticals, Inc. (SUPN) exploded on Wednesday and I put a swing on it on the first pullback intraday, and it closed firm on a move up of 4.32, or 23.8%, to 22.47, with a low of 20.22 to the session high at 22.87, on 2 million shares traded. If it can get up to 22.87, I am looking for an extension to 26 and 29. Those are my targets.
On the long side, stocks included Advanced Micro Devices, Inc. (AMD), Aptevo Therapeutics Inc. (APVO), Celldex Therapeutics, Inc. (CLDX), Denali Therapeutics Inc. (DNLI), Amicus Therapeutics, Inc. (FOLD), Turtle Beach Corporation (HEAR), Intra-Cellular Therapies, Inc. (ITCI), Jumia Technologies AG (JMIA), Kandi Technologies Group, Inc. (KNDI), the Direxion Daily S&P Biotech Bull 3X Shares (LABU), Niu Technologies (NIU), NIO Inc. (NIO), Intellia Therapeutics, Inc. (NTLA), Ocular Therapeutix, Inc. (OCUL), O2Micro International Limited (OIIM), Pinduoduo Inc. (PDD), Replimune Group, Inc. (REPL), Cassava Sciences, Inc. (SAVA), Scholar Rock Holding Corporation (SRRK), Supernus Pharmaceuticals, Inc. (SUPN), 21Vianet Group, Inc. (VNET), and XPeng Inc. (XPEV).