APA, DRI, ERI, NVAX, OXY, PENN, USCR -- Stock Charts to Watch

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APA, DRI, ERI, NVAX, OXY, PENN, USCR -- Stock Charts to Watch

Charts of the Day video for Wednesday April 8th, 2020

Apache Corporation (APA), a swing of ours, actually made a double bottom around 3.85, and on Wednesday, it moved up 1.06, or 16.3%, to 7.58, just one cent off the session high at 7.59, on 35 million shares traded, and then an additional 12 cents, or 8%, to 8.20 in after-hours. It has more than doubled in the last 5-6 days. At this point, I’m looking for it to run up to 8 1/2, and then the 9.90-10 range. It may very well do even better than that in the next few weeks.

Eldorado Resorts, Inc. (ERI) formed a V-bottom around mid-March, made an explosive move on volume, pulled back, had a three day pop, the third on Wednesday with a gain of 3.04, or 20%, to 18.15, after reaching a session high at 18.35, on 10.2 million shares traded, and another 94 cents, or 5%, to 19.09 in after-hours. It has had big volume all three sessions. Watch resistance anywhere between 20 1/4 and 21 3/4. If it gets through that, we might see 27.

Novavax, Inc. (NVAX) had a strong move on Wednesday and popped 2.28, or 15.3%, to 17.18, after reaching a session and multi-week high at 18.25, and another 12 cents in after-hours, taking it to 17.30. That’s the biggest volume in three weeks. It looks to me like it’s going higher. My target is 21 1/2.

Occidental Petroleum Corporation (OXY), one of our swings, is acting well. It jumped 1.72, or 12.4%, to a session high of 15.68 just minutes before it pulled back 12 cents to close at 15.56, on 48 million shares traded, but added 92 cents in after-hours to take it up another 6% higher to 16.48. The pattern that is forming that broke out across multiple tops has me thinking it’s going up to run up to 19.

Penn National Gaming, Inc. (PENN) had an explosive move late March, retraced, came down in a falling wedge in a Fibonacci retracement for four sessions, moved back up, and on Wednesday, it ramped 1.86, or 17%, to 12.80, with a session high that took it to 13.50, on 13 million shares traded, and then another 48 cents in after-hours that ran it up 3.72% to 13.37. My target is in the 16-17 1/2 zone.

U.S. Concrete, Inc. (USCR) is another swing of ours that acted well on Wednesday, with a move up of 2.48, or 16%, to 18.00, after reaching a session high of 18.80, on 879,527 shares traded, and an additional 76 cents, or 4.22%, to 18.76 in after-hours. You can see that it’s right at resistance. If it should get through here, it may very well be a 24-dollar stock.

Stocks on the long side included Apache Corporation (APA), Boyd Gaming Corporation (BYD), Diebold Nixdorf, Incorporated (DBD), Darden Restaurants, Inc. (DRI), Ebix, Inc. (EBIX), Eldorado Resorts, Inc. (ERI), Direxion Daily Energy Bull 2X Shares (ERX), Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH), Inseego Corp. (INSG), Mallinckrodt plc (MNK), MediciNova, Inc. (MNOV), Mersana Therapeutics, Inc. (MRSN), Novavax, Inc. (NVAX), Occidental Petroleum Corporation (OXY), PG&E Corporation (PCG), Penn National Gaming, Inc. (PENN), Square, Inc. (SQ), Tenet Healthcare Corporation (THC), Twitter, Inc. (TWTR), U.S. Concrete, Inc. (USCR), Winnebago Industries, Inc. (WGO), Exantas Capital Corp. (XAN), XPO Logistics, Inc. (XPO), and Zix Corporation (ZIXI).