Healthy Momentum

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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.