This Retailer Among Our 4 Momentum Stocks to Watch
By Harry Boxer
Today’s top charts to watch include a specialty retailer and an e-commerce company in addition to two drug makers.
Abercrombie & Fitch Co. (ANF) gained 79 cents to $26.36 on 1.3 million shares Tuesday on no news. The stock, which is in a 1-year up-channel, tested rising trend line support in early June and again recently. Tuesday’s move broke it out of a declining wedge, with the June high near $28.75 the next target, followed by the low $30’s.
Arrowhead Pharmaceuticals, Inc. (ARWR) jumped 65 cents to $16.45 on 1 million shares traded Tuesday. The move came on no news from the developer of RNA interference drugs. The stock has been in a week-long flag after its breakout from another flag during what has been a steep ascent since early May. A move through Monday’s high near $16.75 could propel the stock to the channel top near $22.
Etsy, Inc. (ETSY) advanced $1.34 to $44.25 on 1.2 million shares Tuesday. The e-commerce company saw its shares pop in June on improved guidance and a roll out of its new user toolkit, and it has since been in a high-level consolidation. A break above recent highs at about $45.50 could accelerate the stock to $52-$53.
Zafgen, Inc. (ZFGN) rose 52 cents to $10.56 on 444,800 shares Tuesday. There was no news from the company, which develops therapies for patients suffering from metabolic diseases. Tuesday’s move broke the stock out of a mini flag that had followed its steep advance since late June. A break of recent highs near $11.25 could get the stock to $12.75 next.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.