Breakout Charts to Watch

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Here are four stocks showing strong technical momentum.

BlackBerry Limited (BB) shot up out of a double-top pattern on Wednesday, closing up nearly 12% at $12.17 on 29 million shares traded. That was the largest volume since the end of September, and more than 7x the stock’s daily average. The move came with the company’s positive earnings announcement and news on the transformation of its core business from communications hardware to cybersecurity solutions. Price has not been this high since January 2015. Next targets: $14 and $17.

Cymabay Therapeutics, Inc. (CBAY) launched out of a 36-day bull wedge consolidation, closing up 6.9% at $8.99 on heavy volume of 786,000 shares traded and no news. Analysts have voiced strong support this year for the company’s liver disease drug, now in clinical trials, based on its potential for market leadership. The stock has risen nearly 300% during 2017. If price can close above the October 30 high of $9.40, next targets are $11 and $14.

Immunomedics, Inc. (IMMU) gained 56 cents and closed at $14.02 on 3.4 million shares traded Wednesday. The stock broke out of a bull wedge consolidation pattern on December 7 on very high volume with news of positive clinical data from a study on its breast cancer drug. The stock has gained 260% in value during 2017, and the company expects FDA approval of the drug in 2018. If the stock closes above resistance at the October 2 high of $14.48, a move up toward $18 may not be far behind.

Kirkland Lake Gold Ltd. (KL) picked up 28 cents and closed at $14.58 on light volume of 508,400 shares traded. The company recently announced positive results from a mine exploration program in Australia that demonstrated high potential mineral deposits. This stock has gained 170% during 2017. Price has been consolidating in a multiple top pattern since October 9 and may be ready to break out. A close above $15 may energize price momentum up to $18-$19.

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