Amarin Corporation (AMRN), Veracyte (VCYT), Aphria (APHA) and Canopy Growth (CGC) top our list of stocks to watch in the Health & Cannabis sectors, writes Harry Boxer. He's presenting at MoneyShow Orlando Feb. 9.
Amarin Corporation plc (AMRN) rose $1.12 to $15.03 Wednesday, trading 13.8 million shares, 1.5 times its average volume. The move followed a J.P. Morgan Healthcare conference presentation by the company, which markets a purified fish-oil pill. The stock took out the declining tops line and reached resistance at $15.80 before backing off. Next targets are $17 and $19.
Aphria Inc. (APHA) gained 46¢ to $6.79 on 7.2 million shares Wednesday. The cannabis stock got as high as $6.90, an important resistance from its gap down in early December. A move to fill that gap would suggest a rally to our next target of $7.75.
Canopy Growth Corporation (CGC) jumped $3.96 to $33.60 on nearly 17 million shares, its largest volume day in two months, after positive remarks from stock analysts. The stock, like some others in the marijuana group, has broken out of its falling wedge and is starting to emerge. A break of resistance at $36 to $36.50, would suggest a move to the mid-$40-level.
Veracyte, Inc. (VCYT) gained 66¢ to $15.20 on lighter volume of 235,200 shares. The biotech company announced it is scheduled to present at the Needham Growth Conference Tuesday, Jan. 15. The stock has advanced five days in a row, breaking out of a 10-week declining channel and now testing the November high of $15.50, getting to as high as $15.39 intraday. A break through here could take the stock towards the long-term rising channel top near $19.
Disclosure: No holdings.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring stock picks, technical analysis and live chart presentations.
Harry Boxer videos:
How we spot emerging stocks breaking out with chart patterns for day trades and swing trades here.
Harry Boxer on FAANGs, Oil and Gold in a short video here.
Recorded: TradersExpo Las Vegas, Nov. 13, 2018.
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