Akcea Therapeutics, Inc. (NASDAQ:AKCA), one of our swing trades, had a nice day on Tuesday, jumping 1.56, or 6.7%, to 24.85, on 327,223 shares traded. Not huge volume, but the best in about six sessions. A move like this that pops to resistance, and I want to see if there’s a follow-through. The declining tops were taken out, the moving averages are crossing over, and any move above Tuesday’s high at 25, or so, and we should see 29, maybe even 33-34.
Canopy Growth Corporation (NYSE:CGC) is setting up a big base for a massive move. That’s my thinking anyhow. It didn’t make me happy the last couple days, but Tuesday was a positive session, up 1.20, or 4.46%, to 28.10, on 2.6 million shares traded. The volume excelled, not as huge as the day before, but I’ll take the 26 million shares. The bottom line is that I would like to see it hold 26-7 ideally, with a stop under 25 1/2, or 24.80. Resistance is 31 1/2. The targets are 33-4, and then the mid-to-high 30’s, maybe 37.
Cree, Inc. (NASDAQ:CREE) popped out and ran to the highest level in four years to 48.00. It was up 1.47, or 3.21%, to 47.32, on 1.9 million shares on Tuesday. If the rising channel is met, the targets are 52 and 59 going forward.
Swing trade Impinj, Inc. (NASDAQ:PI) is acting great, I think, because the bottom has been put in, in my opinion. It formed a breakaway gap, a falling wedge, and on Tuesday it had a beautiful pop of 2.34, or 14%, to 19.08, on 1.4 million shares. I think it has more to go. Targets are 23 and 27.
Stocks on the long side included Akcea Therapeutics, Inc. (NASDAQ:AKCA), Bilibili Inc. (NYSE:BILI), Canopy Growth Corporation (NYSE:CGC), Intelsat S.A. (NYSE:I), Pharmaceuticals, Inc. (NASDAQ:CPRX), Cree, Inc. (NASDAQ:CREE), Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), Carvana Co. (NYSE:CVNA), Cryoport, Inc. (NASDAQ:CYRX), DocuSign, Inc. (NASDAQ:DOCU), Endocyte, Inc. (NASDAQ:ECYT), Evolus, Inc. (NASDAQ:EOLS), Intelsat S.A. (I), Momo Inc. (NASDAQ:MOMO), Micron Technology, Inc. (NASDAQ:MU), Myriad Genetics, Inc. (NASDAQ:MYGN), New York & Company, Inc. (NYSE:NWY), Impinj, Inc. (NASDAQ:PI), Quotient Limited (NASDAQ:QTNT), Square, Inc. (NYSE:SQ), Savara Inc. (NASDAQ:SVRA), TechTarget, Inc. (NASDAQ:TTGT), and Twitter, Inc. (NYSE:TWTR).