2 Stocks Breaking Out, 2 In Bearish Consolidation Pointing Lower
The Long Side
Abeona Therapeutics (NASDAQ:ABEO) broke through prior resistance at $18.90 on Tuesday and sailed up 14%, or $2.45, closing at $19.95 on heavy volume of 2.4 million shares traded.
Worth noting: The technical angle of price as it has ascended shows that its trajectory up the chart has accelerated. That action, coupled with large volume on a breakout day, provides good reason to watch this stock closely. The gene-therapy company has had an amazing run recently, enjoying positive market reaction to its August 22 earnings announcement, FDA news and clinical trials data.
- Next Targets: $23 and $28
Nutanix (NASDAQ:NTNX) soared on analyst enthusiasm, jumping $2.30, or nearly 10%, to close at $25.61 on huge volume of 15.5 million shares traded. The cloud OS stock broke out of a nearly 3-month consolidation, formed in the $20-$25 zone. After closing above resistance formed at the September 22 high of $24.97, price may now be filling the significant gap created at earnings on March 3. Earnings: NTNX.
- Next Targets: $28 and $32
The Short Side
Hasbro (NASDAQ:HAS) lost 43 cents, closing at $96.19 on 644,100 shares traded Tuesday. After reaching an all-time high of $116.20 on July 21, price began falling with the entertainment company's 2Q earnings announcement and formed a bear-wedge consolidation pattern in the $91.50-$100 zone that has not yet broken down.
- Next Targets: mid-$80s, then high-$70s
Dave & Buster's Entertainment (NASDAQ:PLAY) declined 72 cents and closed at $48.16 on 1.2 million shares traded. The stock reached an all-time high of $73.48 on June 8. Price broke below its last bear wedge on October 2 and has been consolidating over the last week around the $48 level to form another bear wedge. Price has not been this low since December of last year. The stock has lost 33% of its value since June. Earnings: PLAY.
- Next Targets: $40-$42