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Digital Ally, Inc. (DGLY), in particular, had a nice day on the bullish side on Wednesday, jumping from 1.80 to 3.03, and closing up 91 cents or 47.6%, to 2.82, on 18 million shares traded. My targets are 2.70 and 3.00, but by the end of the day they it reached them and backed off. Right now, it’s on the 50-day moving average. Any move above the 3.03 range, and we could see 4-4 1/2, maybe even 5 3/4-6, if it can get a surge like it had in May-June.
JinkoSolar Holding Co., Ltd. (JKS) had an exceptional day on Wednesday, moving up 5.80, or 21%, to 33.46, with a session high of 33.74, on 13.2 million shares traded. Three days in a row it has been building momentum, up eight of the last nine sessions, and nine of the last twelve. In two and a half weeks, it has moved from under 19 to nearly 34. It’s at key resistance that goes as far back as 2014. In addition, there was a double-top the year before that at 38ish. That will be my near-term target. It’s acting great, anyway.
Twitter, Inc. (TWTR) had a big day on Wednesday as it has now popped to the top of the channel, advancing 2.60, or 6.1%, to 45.33, with a session high of 46.82, on 64 million shares traded. Lateral resistance is calling for a test in that zone, so we may back off here. I do have a target in the 47-48 range short-term, and the intermediate target is in the mid-50’s.
On the downside, Malibu Boats, Inc. (MBUU) had a massive reversal day on big volume on Wednesday and dropped 3.75, or -7%, going from a high of 54.38 to 49.27, on 529,915 shares traded. It looks to me like it is about to crack. Any move under 46 1/2-1/4, could get it to 42, 35, and so on.
Also on the downside, Shopify Inc. (SHOP) was up three days in a row, got to resistance, formed a wedge, and on Wednesday it backed off from a high of 953.97 to 911.06, and fell 35.44, or 3.7%, on 1.8 million shares traded. Targets are 840 and 785.
On the long side, stocks included Digital Ally, Inc. (DGLY), Direxion Daily Gold Miners Index Bear 2X Shares (DUST), Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST), JinkoSolar Holding Co., Ltd. (JKS), ProShares UltraPro Short QQQ (SQQQ), Twitter, Inc. (TWTR), and ProShares UltraShort Silver (ZSL).
Stocks on the Short Side included Cree, Inc. (CREE), CRISPR Therapeutics AG (CRSP), Citrix Systems, Inc. (CTXS), DocuSign, Inc. (DOCU), DexCom, Inc. (DXCM), Fortinet, Inc. (FTNT), Inphi Corporation (IPHI), Malibu Boats, Inc. (MBUU), Overstock.com, Inc. (OSTK), PayPal Holdings, Inc. (PYPL), Shopify Inc. (SHOP), Splunk Inc. (SPLK), and Wix.com Ltd. (WIX).