4 Momentum Charts to Watch
By Harry Boxer
Here are four stocks in biotech, technology and the cannabis industry with charts setting up nicely today.
Canopy Growth Corporation (CGC) jumped $1.22 to $28.12 on 2.6 million shares Tuesday. The Canadian marijuana company today announced entry into the African market with the acquisition of Daddy Cann Lesotho PTY Ltd. The stock has been in a basing pattern since the start of the year that appears to be setting up for a strong up-move. It needs to hold Monday's low of $26.70 ideally, and break through last Thursday's high of $31.31, for a move to our next target of $33-34.
Cree, Inc. (CREE) popped $1.47 to $47.32 on 1.9 million shares Tuesday. The move came on no news from the chip and lighting company. The stock, now at the highest level in four years, is in a steeply rising channel off its August 2017 low of $20.50. Next target is $52.
Endocyte, Inc. (ECYT) gained 65 cents to $13.98 on 1.3 million shares traded Tuesday. The biopharmaceutical company announced it will present at the Jefferies Global Healthcare Conference on June 5. The stock had a huge move in February and March off a low under $3, coiled for six weeks, and has since run up. It is flagging again, and looks to have one more leg up towards the channel top at $17-18.
Impinj, Inc. (PI) leapt $2.34, or 14%, to $19.08 Tuesday on 1.4 million shares, 2 1/2 times its average volume. The move came on no news from the radio frequency identification solutions provider. The stock, which broke down in early February, based for three months before breaking out in early May. That breakout was followed by a falling wedge, which the stock popped out of with Tuesday's move. A move through $20 should get it to next resistance levels at $23 and then $27.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.