Author Archives: TheTechTrader

Four Stocks to Watch on Technical Momentum

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Earnings news and strong technical momentum are powering these four stocks.

HTG Molecular Diagnostics, Inc. (HTGM) jumped 10.6%, or 43 cents, closing at $4.48 on very heavy volume of 3.4 million shares traded. The move came as the company, which provides instruments, reagents and services for molecular profiling applications, presented at an industry conference. This stock has great price action. It exploded up to $4.69 on Monday, then fell to $3.82 on Tuesday before bouncing back up again to close at its high for the day. If price moves beyond $4.70, a move up to $5.30 may come very quickly.

Mimecast Limited (MIME) soared to a new all-time high of $35.05 intraday before closing up $1.02 at $34.24 on extremely heavy volume of 1.3 million shares traded — more than four times its average volume.  On Monday the London-based data security company reported earnings that topped Wall Street expectations, and on Tuesday it announced it has moved its North American headquarters to a larger office to accommodate rapid business growth. Next target: $38. (more…)

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. (more…)

Two Longs & Two Shorts to Watch

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Here are two stocks with strong technical momentum and two with charts that look to be breaking down.

On the long side, First Solar, Inc. (FSLR) reached a new high for 2017 on Wednesday, hitting $65.43 intraday. It closed up $2.03 at $63.24 on heavy volume of 4.6 million shares traded. The stock has appreciated by 140% since April 3 and has been tearing up the chart since the renewable energy company’s earnings announcement on October 26, buoyed by positive analyst opinion. Wednesday’s move came with news of a strong 2018 forecast announced during the session at the company’s analyst day. There is a multi-year resistance level at $71. But if the stock can close above today’s high, $70 may not be far away.

Nutanix, Inc. (NTNX) rallied 3.5% Wednesday, closing at $35.20 on light volume of 3.1 million shares traded. The move up came with news of a positive research note issued by a Raymond James analyst. The stock has risen by 140% since May 1. Price has been consolidating in the $32-$38 zone since the cloud technology company’s earnings announcement on November 30 and spiked up to the top of its rising price channel that day. There may be some continued short-term consolidation but next targets are $40 and $42. (more…)