1. Applied Optoelectronics, Inc. (AAOI)
Applied (NASDAQ:AAOI) had a wonderful swing back in 2016-2017, then spent the last couple of years in an ugly pattern. But from May thru Nov-Dec, this stock formed a nice base, but then it turned into a breakout, pulled back. On Wednesday, it exploded 1.74, or 12/55%, to 15.60, after reaching 15.68, on 2 million shares. That’s the biggest volume in two months. I’m now looking for an extension to 22, and if it gets lucky, we could see something as high as 28 longer term.
2. Canopy Growth Corporation (CGC)
Canopy Growth (NYSE:CGC) finished off the highs just under 26 on Wednesday, but above my 25-target, having jumped 1.05, or 4.4%, to 24.90, after reaching a high of more than a dollar higher at 25.97, on 21 million shares. This is one of the biggest volumes we’ve seen on this stock, which tells me it's a key-key breakout technical. I think it can go higher. My initial target is in the 28.85-29 zone, and there is a gap there as well right at 29.62. I think that’s an area it can get up to, but it may pull back. Longer-term, though, I think mid 30’s is doable.
3. Current swing trade: ImmunoGen, Inc. (IMGN)
ImmunoGen Inc (NASDAQ:IMGN) had a pop in Nov, wedged, popped, pulled back, made an explosive move to my target, then pulled back in a falling wedge, made a 3-wave corrective move, and then on Wednesday, it snapped back 36 cents, or 7.84%, closing at the session high at 4.95, on 2.2 million shares. I think it’s going to test the highs at 6-6.10, and then run up towards 8.
4. Akerna (KERN)
Akerna (NASDAQ:KERN) had a big run-up in Nov-Dec, which took it from about 3.14, or thereabout, to about 12.50, it had a long pullback falling wedge that took it all the way back down to about 7.16, and then on Wednesday, it popped 1.76, or 24.3%, to 9.00, after reaching a high of 9.39, on 629,165 shares traded. There's some resistance at 10 1/4, and if it gets through that level, the next target on a swing will be around 13.
5. Limelight Networks, Inc. (LLNW)
Limelight Networks Inc (NASDAQ:LLNW) has a really nice pattern, and you can see that it broke through resistance,and then on Wednesday, it popped 38 cents, or 8.46%, to 4.87, just pennies off the 4.91 high, on 1.7 million shares. The next target is about 5.35, and beyond that, the target is 6.
6. Sorrento Therapeutics, Inc. (SRNE)
Sorrento Therape (NASDAQ:SRNE) came down after the big pop last week, had an inside day on Tuesday, followed by a pop on Wednesday of 34 cents, or 8.27%, to 4.45, just a few cents of the session high at 4.47, on 6.3 million shares. The volume picked up a little. If it can get up through 4.47, it should test the high at 5.00, 5 3/4, and maybe 6 1/2.
Stocks on the long side
Included Applied Optoelectronics, Inc. (AAOI), Canopy Growth Corporation (CGC), 3D Systems Corporation (DDD), Endo International plc (ENDP), Fulgent Genetics, Inc. (FLGT), Foamix Pharmaceuticals Ltd. (FOMX), Forterra, Inc. (FRTA), ImmunoGen, Inc. (IMGN), Akerna (KERN), Limelight Networks, Inc. (LLNW), Mallinckrodt (NYSE:MNK) Public Limited Company (MNK), NIO Inc. (NIO), Neoleukin Therapeutics, Inc. (NLTX), OrganiGram Holdings Inc. (OGI), PG&E Corporation (PCG), Purple Innovation, Inc. (PRPL), Rite Aid Corporation (RAD), Cassava Sciences, Inc. (SAVA), SmileDirectClub, Inc. (SDC), Origin Agritech Limited (SEED), and Sorrento Therapeutics, Inc. (SRNE).