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4 Breakout Stocks to Watch by Harry Boxer

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    Mark S. Young

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Posted 11 October 2017 - 02:55 PM

4 Breakout Charts to Watch
By Harry Boxer, TheTechTrader.com 
Here are two biotech and two tech stocks that are breaking out technically.
AVEO Pharmaceuticals, Inc. (AVEO) surged 5.6% to close at $3.94 on 7.8 million shares traded and no news. Price edged above a 5-week sideways coiling pattern. There is a lateral resistance level at $4.11, and Wednesday's high was $4.15. If there is follow-through from here, the cancer drug stock may see $5-$5.50 very quickly.
AXT, Inc. (AXTI) advanced 25 cents and closed at $9.40 on heavy volume of 827,700 shares traded and no news. Price broke out of a week-long flag and above lateral resistance from its August high, moving up yet again in its rising channel.  Wednesday's intraday high of $9.70 breached the high of $9.50 reached on August 1, bringing the semiconductor stock into a price zone not seen since February 2011. If price can move through lateral resistance, the next target is $11.
Dynavax Technologies Corporation (DVAX) rose 75 cents to close at $23.95 on relatively light volume of 1.9 million shares traded Wednesday.  The stock on Monday broke out of a 3-week consolidation on news that the company is evaluating the sale or licensing of its hepatitis B vaccine. The stock has gained 415% in value since January 3. In intraday action Wednesday, price met an existing target level of $24. Next targets: $25 and $28.
Mimecast Limited (MIME) added 73 cents, closing at $29.75 on light volume of 258,300 shares traded Wednesday. The move came with news that the data security company plans expansion into Germany. Price has reached a lateral resistance area representing multiple tops going back to June. If the stock can close beyond its August 8 spike high of $30.10, next targets are $34 and $39.
No holdings.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.


Mark S Young
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