The markets did very well on Thursday, despite the afternoon profit taking that took some of the gains. A lot of stocks we follow are doing great. Let’s take a look at a few of them here.
- Fanhua Inc. (FANH) had a big run-up in 2017-18 when it went from 8 into the high 30’s, and then came all the way back down. It based out from March 2018 until the breakaway move on Thursday, taking it up 3.18, or 12%, to 29.78, on 557,749 shares traded, and closed just above, or right in the range of, the triple-top. I think we’re going to 32, may be 37-38.
- Iovance Biotherapeutics, Inc. (IOVA), one of our swing trades, popped in April, pulled back in a wedge, and on Thursday it exploded, gaining 4.05, or 36%, to 15.28, on 19 million shares. I think it’s going to test the 18-20 zone short-term.
- KEMET Corporation (KEM) popped in July of 2018, came down in a falling channel and through a triple top, and on Thursday, it ran up 2.71, or 16%, to 19.29, on 5.3 million shares. That’s significant volume. Enough for me to say that I think it’s going to test the 21 3/4-22 zone, 23, and the double-top might be attempted at 26 1/2-3/4.
- Pinterest, Inc. (NYSE:PINS), which came out public and exploded, and then pulled back in a falling wedge, broke back out again on Thursday, or appears to have do so, jumping 2.23, or 8%, to 30.86, on 12 million shares. My targets on this one going forward are 32 3/4 and 35.
- SolarEdge Technologies, Inc. (SEDG) is just one of the solar stocks we have charts on Thursday. They did really well, and this one, in particular, formed a beautiful base, then had beautiful breakaway gap, formed a flag that looks awfully good, and on Thursday, it had a breakout that took it up 2.92, or 5.57%, to 55.30, on nearly a million shares. I’m looking for 59 and 65 going forward.
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Stocks on the long side included ArQule, Inc. (ARQL), Avita Medical Limited (AVMXY), Cisco Systems, Inc. (NASDAQ:CSCO), Fanhua Inc. (FANH), Fate Therapeutics, Inc. (FATE), First Solar, Inc. (NASDAQ:FSLR), Iovance Biotherapeutics, Inc. (IOVA), KEMET Corporation (KEM), NICE Ltd. (NICE), Pinterest, Inc. (PINS), Qiwi plc (QIWI), Sea Limited (SE), SolarEdge Technologies, Inc. (SEDG), SunPower Corporation (SPWR), Upland Software, Inc. (UPLD), Village Farms International, Inc. (VFF), and Zynerba Pharmaceuticals, Inc. (ZYNE).