These three technology companies, plus a medical device stock, are showing strong technical momentum.
Lattice Semiconductor Corporation (LSCC) gained 53 cents to $19.73 on 1.8 million shares Thursday. The move, on no news and following through on Wednesday’s rally, positioned the stock at the top of its 5-week sideways channel. A break through this top near the intraday high at $20.42 could accelerate the stock towards $26.
Sonos, Inc. (SONO) rose 19 cents to $14.90 on 3.2 million shares Thursday, 2 1/2 times its average volume, after gaining 4% on Wednesday. The speaker maker unveiled a new home speaker that doesn’t have an internal microphone, thus addressing privacy concerns. The stock is in a steep rising channel off its August low below $10, with next targets at $16 and then $18.
Twitter, Inc. (TWTR) popped $1.94, or 4.4%, to $45.30 on 19.3 million shares Thursday. The move, on nearly 1 1/2 times its average volume, broke the stock out of a month-long, high-level consolidation. Watch for a move to the channel top near $47.50-$48.
InMode Ltd. (INMD), our lone non-technology stock, continued higher on Thursday, up $1.45 to $26.72 on strong volume of 1.7 million shares. The stock is up from last week’s close at $19.90 on bullish coverage initiation of the medical device company by several Wall Street firms. The move has broken the stock out of a 2-week flag that followed its post-IPO pop. The rising channel top points to $31-32. Watch support at Thursday’s low near $25.50.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.