Author Archives: TheTechTrader

4 Charts for Navigating Murky Markets

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With the market’s direction murky, stock selection becomes increasingly important.  Here are four stocks to watch, two on the long side and two short.
Calithera Biosciences, Inc. (CALA) closed up $1.85, or nearly 12%, at $17.60 on 1.5 million shares traded Wednesday. Price broke out of a consolidation starting on Monday, tagged $17.90, and then closed at $17.60. The stock is among the top-gaining biotechs of 2017 so far, up over 300% since January 1, aided by news of clinical partnerships with Incyte and Bristol-Myers Squibb for the company’s cancer drugs. Given the present strong upward momentum, price could reach $21 and may travel up into the mid $20s.
It was a strong day for Hudson Technologies Inc. (HDSN) on Wednesday. Price popped 31 cents, or 3.6%, to $8.88, on 1.1 million shares traded. That is the highest this stock has closed in 20 years. Price has been on the move up since the refrigerant services company announced on June 26 that it had been added to the Russell 3000 and Russell 2000 Indices. It has been up three days in a row now on heavy volume, with huge monthly volume observable across the past year. The stock is up at resistance, but could move into the $11-$12 area if it clears that level.

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2 Longs & 2 Shorts to Watch

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By Harry Boxer, TheTechTrader.com
ImmunoGen (IMGN) reached a high of $5.66 and then closed back at $5.42, up 10.4% on Tuesday. Price has risen 18% in two sessions after a Leerink analyst raised his price target to $11 from $8. On Tuesday the biotechnology stock traded on heavy volume of 6.7 million shares, which is nearly twice its average volume and is the largest volume level for this stock in four weeks. Price is presently at resistance, but if it breaks through that level in its rising channel, the near-term target is $9.75.
Exelixis, Inc. (EXEL) gained 68 cents to close at $22.28 on Tuesday on 5 million shares, or about 50% greater than average. The move came following news that the biopharmaceutical company had successfully completed a phase II clinical trial for its kidney cancer drug, Cabometyx. Price exploded through its declining topsline, moving above lateral resistance and its 50-day moving average. Next targets: $23.50 and $25.
On the short side…
Cimarex Energy Co. (XEC) experienced a slight bounce and gained 56 cents, closing at $94.01 on 1.85 million shares traded. Price has declined every month since December and dropped by more than 20% since May 8 when it was $121.91. The energy stock may be oversold enough to get a significant bounce in this range, but eventually $82 and then $74 are next targets.
Yelp Inc. (YELP) declined by 84 cents, or 2.7%, to 29.44 on 1.9 million shares traded Tuesday. Shares have dropped by $6.26, or 17.5%, since the company’s May 9 earnings announcement when it offered disappointing EBITDA guidance for both 3Q and for all of 2017. On Tuesday price broke down from a bear wedge pattern on light volume. With follow-through, price may roll over to $26.50 and eventually to the $23 range.
No holdings.

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Four Trending Stocks to Watch

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Medidata Solutions, Inc. (MDSO) climbed to a new all-time high of $73.15 on Monday, closing the session up $2.08, or 3%, to $72.76, on 455,600 shares traded. The cloud technology stock has been stair-stepping up a rising channel over the last few months and has popped $4.57 since Wednesday’s close. The next target is near the channel top at around $79-$80. Short interest of 7.9 times its average volume could fuel the move as shorts cover on a rally.

Mimecast Limited (MIME) popped another $1.10, or 4.25%, to $27.00, on 388,800 shares traded. The advance up came as the email security company’s CEO and CFO spoke at J.P. Morgan’s technology conference in Boston. Despite no dramatic increase in volume, the stock’s technicals look positive, climbing steadily since early March and holding support on the pullbacks. Watch for price to exceed last week’s all-time high of $27.25 to reach $30-31 in the short term.

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