By Harry Boxer, TheTechTrader
Medical stocks dominate today’s top charts to watch.
AbbVie Inc. (ABBV) climbed $1.72 to $73.85 on 6.2 million shares Thursday. The move came on no news from the maker of Humira and other drugs. The stock has been rallying for the last month, breaking out of a 1 1/2-year declining channel. However, it pulled back on Tuesday and Wednesday to test support before Thursday’s bounce. Watch for a move next to recent highs near $76.
Arrowhead Pharmaceuticals, Inc. (ARWR) jumped $1.00 to $29.92 on 883,800 shares Thursday. The move, on no news, continued the stock’s breakout of a 1-month falling wedge. The stock needs to get above $31.50 to confirm the continuation of the uptrend, beyond which it could make a run at the recent high near $37.
Zynex, Inc. (ZYXI) popped $1.02, or 9.4%, to $11.80 on 1 million shares Thursday, over 3x its average volume. On Wednesday, the maker of electrotherapy medical devices announced 95% year over year order growth for the third quarter 2019. The move followed Wednesday’s breakout of a 2-month coil that also closed the stock above its June all-time high. Watch for $14 next.
Our lone non-medical stock today, Turtle Beach Corporation (HEAR), gained 39 cents to $10.89 on 406,800 shares Thursday. The company announced the availability of a new gaming headset audio enhancer. The move bounced the stock off its 21-day moving average, as it continues to build a multi-month base that could be setting up for a breakout. Watch for a test next of the $12-12.50 range.
See Harry’s video chart analysis on these stocks.