The markets had a really sharp move in the morning on Wednesday, gave it all back in the afternoon, and then bounced at the end of the day, closing with gains that weren’t too bad. A lot of stocks we follow did well. Let’s take a look at them.
ChemoCentryx, Inc. (CCXI)
CCXI swing trade extended its move. We put a swing on it last week and it moved up five days in a row. Wednesday’s high of 14.69, closing at 14.47, up 39 cents, or 2.77%, on 409,564 shares traded, indicated to me that this stock is probably approaching resistance and/or the trading target around 15, and then 17, potentially.
Iovance Biotherapeutics, Inc. (IOVA)
IOVA made a big move of 2.00, or 20.4%, to 11.80, on 4.5 million shares on Wednesday. I put a swing on it late in the session. I love that inverse head-and-shoulder’s pattern it formed. This stock was a beauty back in 2017-18 when it went from 4.25 all the way up to 20. It may be ready to launch another trend. For now, I’m looking for a test of 13 3/4, and then 16, at least.
Lattice Semiconductor Corporation (LSCC)
LSCC swing continues to give, although the pullback tested support successfully in a flag-type pattern for about a three-week period. It looks like it popped on Wednesday, up 62 cents, or 5.17%, to 12.62, on 2.5 million shares. I think it's going to retest the recent highs at 13.15, and then I'm looking at 14 1/2 and 16 1/2.
Sangamo Therapeutics, Inc. (SGMO)
SGMO is also another biotech stock that popped Tuesday on a huge move, it held, and then on Wednesday on an inside day it advanced 74 cents, or 6%, to 13.03, on 7.1 million shares. This tells me it might go higher. Resistance and the target are going to be around 14 1/2, and then I’m looking way up at about 18.
Voyager Therapeutics, Inc. (VYGR)
VYGR is looking excellent, up another 45 cents, or 2.12%, to 21.70, on 738,516 shares traded on Wednesday. You can see that the rising channel broke to the upside, or maybe we call it a rising flag. Either way, the fifth wave is underway. It should at least test the January highs at 24 1/4, which is the next target. Beyond that, 26, and then 30.
Zynerba Pharmaceuticals, Inc. (ZYNE)
ZYNE is looking pretty solid as it exploded across a triple-top on Wednesday, running all the way up to 8.17, before pulling back and closing up 92 cents, or 14.2%, to 7.40, on a heavy 11.5 million shares. That’s the biggest volume I’ve ever seen on this stock. I think it’s going to test the double-top coming in around the 8.60-.65 range. Beyond that, something around 10 will be the next target.
Stocks on the long side
Advanced Micro Devices, Inc. (NASDAQ:AMD), DMC Global Inc. (BOOM), ChemoCentryx, Inc. (CCXI), CommScope Holding Company, Inc. (COMM), Curaleaf Hldgs Inc. (CURLF), Charlotte's Web Holdings, Inc. (CWBHF), EDAP TMS S.A. (EDAP), Enphase Energy, Inc. (ENPH), Bitcoin Investment Trust (GBTC), Iovance Biotherapeutics, Inc. (IOVA), Lattice Semiconductor Corporation (LSCC), Micron Technology, Inc. (NASDAQ:MU), Okta, Inc. (OKTA), Riot Blockchain, Inc. (RIOT), Sangamo Therapeutics, Inc. (SGMO), SunPower Corporation (SPWR), Village Farms International, Inc. (VFF), Voyager Therapeutics, Inc. (VYGR), and Zynerba Pharmaceuticals, Inc. (ZYNE).
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