Here are five technology stocks to watch with strong technical momentum.
Cree, Inc. (CREE) had a big day on Tuesday, exploding up out of a three-year base and gaining 9%, or $3.70, to close at $41.76 on extremely heavy volume of 6.3 million shares traded — more than four times its average volume. The move came with news of the LED product company’s buyout of chipmaker Infineon, a move anticipated to increase revenue and profit margins in its Wolfspeed power and RF division. This is the highest price the stock has seen since September 2014. Next target: $44.
Cypress Semiconductor Corporation (CY) broke through a double top consolidation pattern, moving up 43 cents and closing at $18.07 on heavy volume of 9.3 million shares traded Tuesday. The company announced that its CFO will present at two investor conferences next week. The stock has gained more than 30% over the last year. Next target: $20.
The 6-month performance of Portfolio Armor’s top names from July 27th. (more…)
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…)
The following monthly chart of the Emerging Markets ETF (EEM) shows that price has dropped below major resistance around the 50.00 level, after rallying towards its all-time high of 55.82. Near-term support is at 45.00, while major support lies below at 40.00 (the apex of a converging trendline and channel), or lower at 35.00 (historical price support).
Whether or not its current price represents fair value on this longer timeframe remains to be seen. The fact that January’s gap up has now been filled may be a warning that lower prices are ahead, before this ETF begins to stabilize and present more of a viable buying opportunity.
I bought puts where that red arrow is. I think we’re done now. On an unrelated note, I’ve been frantically lightening up my shorts – – ZH had an excellent article this morning calling for a low on the SP at 2540, and WOW, B of A (the analysts) nailed it!
As the outset, I’ll say I think oil is heading much lower, but for the moment, it seems energy stocks are………dare I use the word?………..oversold. I at least wanted to point out this mildly-interesting chart of the triple-bullish ETF symbol ERX, which is nestled on a supporting trendline.
As for my portfolio in general, the jury is still out about whether my lightening up this morning was wise or foolish. I remain short at about 100% of my portfolio’s value, but the difference is that I came into the day 200% short.
Well, all that hoo-ha a couple of weeks ago about the Intel bug turned out to be meaningless, didn’t it? INTC is roaring almost 10% higher right now. What’s more astonishing to me is that Intel was more expensive 18 years ago than it is right now! It has been struggling to complete this pattern for almost two decades.