NDX traded to new highs today and closed at the top of its range. SPX did make a nominal new high but closed off slightly. There is a slight divergence, but the primary trend is still up. Don't fight the tape.
AKBA: Massive break away gap today. Stock traded up as high as $15.88 ($16.00 is resistance) but closed near the bottom of the range at $15.01. If this stock hold the $14.70 level and start to move back up we may see a continuation of the break out. Over $16.00 and the price target is $18.00.
BZUN: A stock I wrote about recently when it broke above $18.00. It traded up to a high of $23.56 today closing at $22.78. Originally, my target was $25.00 but if this momentum continues it could carry it up to $28.00 range.
DDD: Stock continues to make new daily highs, today trading up to $23.42, closing at $23.31. It is up a total of $9.00 for 9 days so may be getting extended. If the momentum continues the price target is $26.00. Short ratio, 14.8 days to cover.
ETSY: Big cap stock ($2 billion) so you wouldn't think it had volatility. But it gapped up sharply today breaking through the declining tops line and lateral resistance at$13.50. It traded up to $14.11 closing at $13.73. If the momentum continues $16.00 is the next price target. Short ratio, 5 days to cover.
IMGN: Nice inside day on this stock today after the big move yesterday. It double topped at $5.00 and closed just off its highs at $4.86. I would look to go long this stock over $5.00 with $6.00 and $7.00 as the price target. Short ratio, 6 days to cover.
MOMO: I am not trading this stock but I have been writing about it since $19.00 (now $41.42). Today, it had a big move after an inside day yesterday. If you are interested in trading as a swing, I think this stock is headed to $50.00.
PIRS: Not that volatile but a nice looking chart. After it broke out of the wedge formation at $2.50 last month if formed a tight wedge and then last week broke out to the upside. It traded as high as $4.28 closing at $4.09. It has resistance at $4.40 (all time high). But if it can break through that level then I wouldn't be surprised to it move very quickly to $6.00 or $7.00. Short ratio, 5.5 days to cover. High on my list to watch.
CENX is really mid range and don't really see any chart pattern there yet worth trading.
Thanks Bob!
$IMGN has resistance everywhere in the 5s..
ty Bob!
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