PolarityTE Inc (NASDAQ:COOL) had a phenomenal day on Wednesday, up 2.32, or 12 1/2%, to 20.97, on 3.2 million shares, but the close wasn’t great. Look where it exploded from Tuesday’s low of 17.17 to today’s high at 26.21, more than 9.00 in a day and a half. Tuesday afternoon it rolled over. Let’s take a look at it - wedge, breakdown, a flag, and another breakdown. So, to me, it’s 5 waves down. When I saw that, I was looking for a pullback on it. I decided to put a swing trade on it at the very end of the day today. This is what the corrected pullback looks like. Obviously, your resistance would be 23 1/2, my first target is 20, I said 25, it could get to 26, but I was being conservative a little bit in that I want to see if the stock could get back in that zone for the first target.
The next target is 29, and beyond that you know where it can go. For now, I have a tight stop under 18.79-80. If it gets any further than that, it’s just not the kind of trade I want to make. See, this is the breakout point, so all the way back down a complete retest. Even if this is only a 1,2,3 waves, and we got a 4, and it doesn’t work, and it may roll over into a wave 5, I expect it to hold 19. We’ll see, I could be wrong. Anyway, there’s the overall chart look. An explosive move off the low. It was 3.2 million shares on an up-day. Believe it or not, it’s the biggest up day I’ve ever seen in this stock in its history, other than back when it had its explosive new.
For the most part, since December of 2016, nearly 2 years, this stock has never had a volume on an up-day as big a 3.2 million. We’ll see if that’s significant. Also, sometimes when a stock breaks out and gets through the moving average and/or resistance, it backs off. The next day isn’t a down-day. If it isn’t a down-day, if it’s inside there, or even a strong up-day, this could really explode into the low 30’s.
Crocs Inc (NASDAQ:CROX) was a beautiful chart on Wednesday. I don’t know where I was, or what I was thinking, but this stock has gone from 6 to 19, almost 20, more than tripling. Wednesday broke out with a pop of 1.50, or 8.76%, to 18.63, on 1.4 million shares. That’s a breakout day. My targets are retested at 19 1/2, then you’re looking at 22 1/2.
Neptune Technologies & Bioressources Inc (TO:NEPT) had a falling wedge breakout on Wednesday. The volume picked up as well to 1.3 million shares. The stock gained 33 cents, or almost 12%, to 3.15. Going forward, if this can take out 3.50, you may be on the run to 4.50 and 6.00.
Origin Agritech Ltd (NASDAQ:SEED) went through a major reverse split, and then took off on Wednesday, up 86 cents, or 9%, to 10.41, on 292,630 shares. Its thin. 2.7 million outstanding, 1.7 floating. Fairly good story and traders have taken a hold of this one. My first target is 15, and I have 13 and 15 as swing targets, but really, I’m looking for 15 on this. We shall see. Long-term declining the topsline is right there. We take that out of the zone and we should see 15, and we may see 17 and 18.
Stocks on the long side included Arbutus Biopharma Corporation (ABUS), Attunity Ltd. (ATTU), Biogen Inc. (NASDAQ:BIIB), PolarityTE, Inc. (COOL), Crocs, Inc. (CROX), Facebook, Inc. (NASDAQ:FB), Corning Incorporated (NYSE:GLW), iQIYI, Inc. (IQ), Knowles Corporation (KN), Neptune Technologies & Bioressources Inc. (NEPT), Origin Agritech Limited (SEED), Vicor Corporation (VICR), ViewRay, Inc. (VRAY), Yext, Inc. (YEXT), and Zafgen, Inc. (ZFGN).
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