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These four stocks have strong technical momentum aligning with upbeat earnings.
Canadian Solar Inc. (CSIQ) rose $2.48 to $23.08 on 4.3 million shares Thursday, over 6x its average volume. The solar power company delivered a huge earnings surprise in its second-quarter financial release. A move through the spike high from early March at $25.89 could accelerate the stock towards $29.
Well, I most certainly do not “love, love, love” THIS kind of action. Since the government won’t permit more than a few days of selling, we were hit with some vague headline about maybe tariffs weren’t going to be smacked in China’s face (backpedaling, once again) which is all this oversold market needed to hear. Typically, markets rise slowly and fall quickly. Over the past week, it has been the exact opposite.
These four technology and health-related stocks are looking strong technically.
Maxar Technologies Inc. (MAXR) jumped 84 cents, or 11.7%, to $8.01 on Wednesday on 3.8 million shares, or more than 1 1/2 times its average volume. The Canadian-American space company reported increased profits despite a decline in revenue. The move broke the stock above the month-long declining channel, positioning it right at lateral resistance. If it can get through $8.75, watch for a move next to $10-$10.50.
Here are four stocks in technology and solar energy that have broken out on earnings.
Enphase Energy, Inc. (ENPH) popped $6.50, or 30%, to $28.15 on 22.2 million shares Wednesday. On Tuesday the supplier of solar power micro inverters released favorable second quarter financial results. The stock has been rallying since starting the year under $5, and Wednesday’s move, on more than 5x its average volume, broke price out from the bottom of the rising channel through the top. Watch for an extension to next resistance near $32, using Wednesday’s low at around $26.25 as support.
Here are four stocks to watch, three of them moving on strong earnings. Clicking on any of the symbols will yield a SlopeChart with the chart autoloaded.
Anika Therapeutics, Inc. (ANIK) popped $11.78, or 28.8%, to $52.60 on Thursday on 1.3 million shares, or about 8x its average volume. The small biotech beat analyst estimates in its second-quarter results released after market close Wednesday. The breakaway gap and continued run-up broke the stock through several layers of lateral resistance, with the next target at the $61 level last reached in early 2018.
AudioCodes Ltd. (AUDC) jumped 69 cents to $18.52 on Thursday on 454,300 shares. The vendor of advanced voice networking and media processing solutions for the digital workplace reported strong second quarter results on Tuesday. That news broke the stock out of a nearly 3-month coil pattern. After pulling back slightly on Wednesday, the stock resumed the rally on Thursday, with the rising channel pointing to $21 next.