It looked like a turn-around Tuesday as the markets spiked to the upside, and then they came down all afternoon, but still finished positive, taking back a huge chunk of their gains. Let’s take a look at chart patterns and see how some of these stocks are doing.
Ebix Inc (NASDAQ:EBIX) broke out of a wedge on Tuesday to new, all-time highs, up 2.43 to 58.21, or 4.4%, on 209,559 shares traded. It has 29 days to cover. You may see a squeeze to mid-channel to the mid-60 range on this one.
Exelixis Inc (NASDAQ:EXEL) ran back up to retest the highs on Tuesday, making a nominal new high by a couple cents, up 17 cents to 11.51, or 1.5%, on 5 million shares traded. The next targets are nearly 13, 15 and 17. It has 8.2 days to cover in a sharply rising channel.
Five9 Inc (NASDAQ:FIVN), also in a sharply rising channel long-term on the daily chart, also broke through an ascending wedge. It broke out two days ago, and followed through Monday and Tuesday, up 62 cents to 14.82, or 4.4%, on 909,468 shares traded. The targets are 15 1/2-3/4, and then 18. It has 2.82 days to cover.
Mobileye N.V. (NYSE:MBLY) had positive news on Tuesday regarding a venture with Delphi Automotive plc (NYSE:DLPH), exploding 3.10 to 49.66, or 6.66%, on 10.5 million shares traded, reaching a new high at 51.15, a dollar higher than a month ag, but it backed off to close near there. Nevertheless, I think the breakaway gap out of the large wedge is significant enough that it’s going to take it higher. Targets are 54, 58, and then 63-4. It has 5.7 days to cover.
Stocks on the long side included Ambarella Inc (NASDAQ:AMBA), Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR), AXT Inc (NASDAQ:AXTI), Clovis Oncology Inc (NASDAQ:CLVS), Tableau Software (NYSE:DATA), Eleven Biothera (NASDAQ:EBIO), Ebix Inc. (EBIX), Exelixis, Inc. (EXEL), Five9, Inc. (FIVN), Hudson Technologies Inc (NASDAQ:HDSN), Mobileye NV (NYSE:MBLY), Momo Inc (NASDAQ:MOMO), Nordson Corporation (NASDAQ:NDSN), Nektar Therapeutics (NASDAQ:NKTR), Puma Biotechnlgy (NYSE:PBYI), Raven Industries Inc (NASDAQ:RAVN), Vuzix Corp Cmn Stk (NASDAQ:VUZI), Energous Co (NASDAQ:WATT), Weibo Corp (NASDAQ:WB), XPO Logistics Inc (NYSE:XPO).