4 Breakout Stocks to Watch
By Harry Boxer, TheTechTrader.com
Stocks we follow across biotech, miners and technology are breaking out. Here are four to watch:
Dynavax Technologies Corporation (DVAX) rose 50 cents to close at $18.45 on light volume of 1.4 million shares traded Tuesday. Despite lower volume, it is notable that the immunotherapy stock had the highest close since the stock's spike up on August 8. Price may reach that $19.50-.60 level as early as this week. The stock has gained nearly 100% since July 27. The short term target is $22, with $24 in the longer term.
Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) rocketed higher by $2.11, or 9.2%, to close at 25.04 on 13 million shares traded Tuesday. Price has broken above the lateral resistance level from its four-month basing pattern as well as above the longer-term down-channel since last August. The leveraged stock has gained 64% since July 7. The next target is the $30-$31 zone.
Kopin Corporation (KOPN) jumped up to its highest level in four months. The wearable technology stock gained 3 cents and closed at $4.02 on heavy volume of 1.5 million shares traded and no news. If price can persist in this zone and exceed the $4.25 level, we may see the stock gain significant momentum and head for the $6 level. Short interest of 11.3 times its average volume could fuel the move as shorts cover on a rally.
Boingo Wireless, Inc. (WIFI) soared to a new all-time high of $21.28 intraday. Before closing at $21.24, the wireless networking stock had gained 75 cents, or 3.6%, on 677,340 shares traded and no news. Since July 6, the stock's value has risen steeply by 48%, or $6.91 per share, as the market reacted to company announcements of very strong sales numbers and elevated revenue guidance for 2017. Price may see $24-$25 before the present move is over.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.