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Apache Corporation (APA), which is one of my favorite oil stocks, broke out of a 3-month downtrend that went from 16.00 in August to 7.00, and change, in early November, and then reversed back up in a rising channel. The last two days were particularly strong as it moved from 11.00, to Tuesday’s session high of 14.35, with a move up of 1.18, or 9.18%, to 14.04, on 18.3 million shares traded, and another 11 cents in after-hours. That is the biggest volume in about two weeks. It is at resistance, but if it can get through here, the next targets are 16.75 and 19.50.
Canopy Growth Corporation (CGC), a marijuana leader, popped early this month, flagged, wedged, and on Tuesday it popped out of the wedge, jumping 2.25, or 9.10%, to 26.97, with a session high of 27.70, on 12.3 million shares traded, and a move up of 40 cents in after-hours. I think this stock is headed higher to 29.50 and then the 34-35.00 zone. Those are my targets.
Ideanomics, Inc. (IDEX) exploded for the fourth day in a row, taking it from 1.00 to Tuesday’s high of 4.75. It popped 53 cents, or 20.23%, to 3.15, on 343 million shares traded, and then gave back most of the gains for the day. It not only had the biggest volume ever traded on this stock, it is probably more volume than was ever traded in a week. If it ever gets momentum at some point, and gets through this zone of resistance, we may see a 6.50-7.00 stock.
Nano-X Imaging Ltd. (NNOX) on Tuesday had a nice follow-through on Monday’s pop, with a move up of 1.70, or 3.93%, to 45.00, and a session high of 48.58, on 3.3 million shares traded. It did back off and is way off the high, and may need to rest in here, but the next targets are 52.00-52.50, and then 58.00.
Rayonier Advanced Materials Inc. (RYAM) has been running up in a rising channel, and on Tuesday, popped 1.54, or 28.10%, to 7.02, with a session high of 7.17, on 2.1 million shares traded. I have a target on this stock going forward of 9.90.
On the long side, stocks included Apache Corporation (APA), Canopy Growth Corporation (CGC), CIIG Merger Corp. (CIIC), ENGlobal Corporation (ENG), Freeport-McMoRan Inc. (FCX), Fuel Tech, Inc. (FTEK), Ideanomics, Inc. (IDEX), Jumia Technologies AG (JMIA), Magnite, Inc. (MGNI), ECMOHO Limited (MOHO), MP Materials Corp. (MP), Nabors Industries Ltd. (NBR), Nikola Corporation (NKLA), Nano-X Imaging Ltd. (NNOX), Palantir Technologies Inc. (PLTR), Retractable Technologies, Inc. (RVP), Rayonier Advanced Materials Inc. (RYAM), Switchback Energy Acquisition Corporation (SBE), Superior Industries International, Inc. (SUP), Team, Inc. (TISI), United States Steel Corporation (X), Yunji Inc. (YJ), and YRC Worldwide Inc. (YRCW).