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Arvinas, Inc. (ARVN), which is a TechTrader swing from a month, or so ago, when it was in the mid-30’s, and dropped down to under 28. On Tuesday it dropped 1.21, or -4%, to 27.94, with a session low of 27.77 on 388,142 shares traded. It looks like it’s headed to 23 and maybe even mid-teens before it’s over. So, stay tuned because this could get ugly with a nice engulfing reversal bar. Today, it doesn’t look good.
Beyond Meat, Inc. (BYND) might also be setting up a head-and-shoulders -- left shoulder, head, right shoulder. On Tuesday it lost 1.93, or -1.5%, to 125.50, with a session low of 124.40, on 2.6 million shares traded. Again, I want to wait for the neckline to break. This stock will start to head south. Initial target is at gap support at 107 and the secondary target is 90.
Expedia Group, Inc. (EXPE) gained 3.21, or 3.8%, to 88.12, with a session high of 90.67, on 4.1 million shares traded on Tuesday. This is a stock I’m keeping my eye on, but it isn’t quite set up for a short yet. It needs to break the triple bottom, which would also break the moving average. So, this is far from being a short in my mind. If it shorts in the 97.55 zone, then it must stop over 97.
Tactile Systems Technology, Inc. (TCMD) gave back 37 cents, or -1%, to 38.10, with a session low of 37.82, on 235,740 shares traded on Tuesday. This stock is also in a downtrend. After breaking here, I put a swing trade on it short. It came down nicely and bounced back to resistance, formed a down channel, broke again, held support, bounced, and reversed on Tuesday. I’m looking for 34 1/2 and 30.
Slack Technologies, Inc. (WORK) dropped 51 cents, or -1.8%, to 27.61, with a session low of 27.53, on 9.5 million shares traded on Tuesday. It was on my long list, but when it broke, formed a bear wedge, and then broke down, breaking the trendline, I put it on the short list. It broke down, snapped back, and is coming down hard. I’m looking for 24 3/4, 22 3/4, and maybe as low as 19 1/2.
On the long side, stocks included Arvinas, Inc. (ARVN), Ascendis Pharma A/S (ASND), Anterix Inc. (ATEX), Alteryx, Inc. (AYX), Beyond Meat, Inc. (BYND), Cardiovascular Systems, Inc. (CSII), eHealth, Inc. (EHTH), Expedia Group, Inc. (EXPE), iRobot Corporation (IRBT), NextCure, Inc. (NXTC), The Children's Place, Inc. (PLCE), Tactile Systems Technology, Inc. (TCMD), Slack Technologies, Inc. (WORK).