Health and cannabis stocks top our list of charts to watch today.Amarin Corporation plc (AMRN) popped $1.12 to $15.03 Wednesday on 13.8 million shares, more than 1 1/2 times its average volume. The move followed a J.P. Morgan Healthcare conference presentation by the company, which markets a purified fish-oil pill. The stock took out the declining tops line and reached resistance at $15.80 before backing off. Next targets are $17 and then $19.
Aphria Inc. (APHA) gained 46 cents to $6.79 on 7.2 million shares Wednesday on no news. The cannabis stock popped across resistance, getting to as high as $6.90, important resistance from its gap down in early December. A move to fill that gap would get the stock to $7.75-$8.00, our next target.
Canopy Growth Corporation (CGC) jumped $3.96 to $33.60 on nearly 17 million shares, the biggest volume in two months, after positive remarks from stock analysts. The stock, like some others in the marijuana group, has broken out of its falling wedge and is starting to emerge. There’s a little bit of resistance at $36-$36.50, a move through which could get the stock into the mid-$40’s.
Veracyte, Inc. (VCYT) gained 66 cents to $15.20 on lighter volume of 235,200 shares. The biotech company announced it’s scheduled to present at the Needham Growth Conference next Tuesday January 15. The stock has advanced 5 days in a row, breaking out of a 10-week declining channel and now testing the November high at $15.50, getting to as high as $15.39 intraday. A break through here could take the stock towards the long-term rising channel top near $18-$19.