Stocks On The Move: ACHN, CLDX, OREX, TASR
The stock market had a wonderful session on Wednesday, and we had some beauties early on that did extremely well. Congratulations Tech Traders! It was a good day, indeed! Let’s take a look at some of our stocks, recent swing trades, and day trades we put out on Wednesday.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) was up nearly 10% on Wednesday. I love the way it’s been holding support. The 50-day moving average is right at $12.24.
The low on Tuesday was $12.41, and on Wednesday it popped from $12.92 to $14.21, and closed just a penny off the high at $14.20, up $1.28.
That was a fabulous close. The volume picked up to 4.7 million shares traded. What we need is for it to rise above $15.31, and then I’m looking at $19.00.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) had a nice snap-back on Wednesday, going from $16.60 to $18.14, and closed only 4 cents off the high at $18.10, up $1.27, or 7.5%, on 1.7 million shares. There is still some resistance here, and it has not taken out the pattern yet.
The orderly channel has taken this stock down over a 3-week period from the $21.70 area, all the way back down to $16, and changed, right around the 50-day and lateral support. That was a nice snap-back.
Can it get a follow-through? What is key to me is that it takes out the moving averages and then rises again near the $19.00 range. That was good volume for this stock, but I want to see better volume, up to 5-10 million shares. It may very well get that.
The targets will be a retest of the highs around $21.70, then $23, and then $27 potentially, particularly if it’s breaking out of a base. There’s the breakaway gap. And you know how I am about the first pullback after a breakout. Right to the moving average. It could be an ideal candidate right now, of course, with a stop under $16.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) had a nice pop late in the day on Wednesday, up 47 cents, or 8%, on nearly 4 million shares. It has been going in fits and starts and really had disappointed a little bit in that it’s gone on longer than I wanted. When you see a pop, pullback, and pop, a consolidation is expected. As soon as volume came in, this stock exploded.
I want to see a follow-through. If it gets through the spike-high at around $6.50, it could reach $7.50-$7.75 pretty quickly, and that’s my first swing-trade target. Then afterwards, $11.50-$11.75. It’s 4 waves up, the fifth wave should take it to about $7.75, and then we’ll see what happens next.
TASER International Inc. (NASDAQ:TASR) did great on Wednesday, up $1.76, or 7.7%, on 5.8 million shares. If you take a look at the wedge, it was forming inside the channel. It’s a beautiful rising channel, indeed, folks. It has four waves up. The fifth way may be beginning. I’m looking for this to get to $28, and then $32-$33.
Other stocks on Harry’s Charts of the Day: Agios Pharmaceuticals, Inc.(NASDAQ:AGIO), Cerus Corporation (NASDAQ:CERS), Green Brick Partners, Inc.(NASDAQ:GRBK), Groupon, Inc.(NASDAQ:GRPN), Oasis Petroleum Inc.(NYSE:OAS), Organovo Holdings, Inc.(NYSE:ONVO), and Intrexon Corporation (NYSE:XON).