Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

4 Momentum Stocks To Watch

ByHarry Boxer
Published 02/13/2020, 11:48 AM
Updated 07/09/2023, 06:31 AM

These four stocks have strong technical momentum that could carry them higher.

  • Anavex Life Sciences Corp. (NASDAQ:AVXL) gained 40 cents, or 9.4%, to $4.65 on 2.3 million shares Wednesday, nearly 3x its average volume. On Monday and Tuesday the biopharmaceutical company's president and CEO presented a company update and participated in a panel at the 2020 BIO CEO & Investor Conference in New York. The move continued the stock's rapid ascent over the last two weeks, in which it has broken out of a nearly year-long sideways channel, completing an inverse head-and-shoulders bottoming pattern off its late December 2018 low of $1.25. A move through the double-top from Sep-Oct 2017 in the $5.15 range could take the stock to $6.50 next.

  • Luna Innovations Incorporated (NASDAQ:LUNA) rose 46 cents to $9.04 on higher-than- usual volume of 392,700 shares Wednesday. The move, on no news from the maker of fiber optic sensing, and test and measurement products, continued the stock's recent breakout of a flag. It also pushed the stock, which has nearly tripled in the last 12 months, to new highs not seen since late 2007. There's some resistance up around $10 near the top of the long-term rising channel, which is our next target.

  • Purple Innovation, Inc. (NASDAQ:PRPL) advanced 54 cents to $14.20 on 391,000 shares Wednesday. The move, on no news from the mattress maker, pushed the stock to a new all-time high. The stock has been on a tear in the last two months, up from the mid-$7s in December, and the next target if it continues its momentum would be around $16.
    • 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

  • Tandem Diabetes Care, Inc. (NASDAQ:TNDM) climbed $2.33 to $81.05 on 1.7 million shares Wednesday. The move came on no news from the maker of medical devices for people with insulin-dependent diabetes. The stock has been in a steep rising channel since the start of the year. It recently flagged before breaking out on Monday and then again Wednesday. The rising channel points to a target of $98-$100.

    • See Harry's video chart analysis on these stocks.

    No holdings.

    Latest comments

    Install Our App
    Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
    Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
    Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
    It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
    Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
    © 2007-2024 - Fusion Media Limited. All Rights Reserved.