4 Stocks Looking Higher

February 6, 2020

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2 min read

Image: 3D Systems Corporation

Here are three healthcare stocks and one technology stock that are at or near key breakout points.

Clovis Oncology, Inc. popped 90 cents, or more than 10%, to $9.73 on 11.7 million shares Wednesday on no news. The move edged the stock out of a declining wedge pattern it’s been in since its December top. A break through moving average resistance near $10.45 and then the recent double-top at $11.15-.25 could lead the stock to $13 next.

3D Systems Corporation climbed 63 cents, or 5.3%, to $12.34 on 2.9 million shares Wednesday. On Monday, the company announced an expanded relationship with Sanmina to manufacture certain plastic 3D printing platforms. Wednesday’s move broke the stock out of a month-long wedge formation, and next resistance for the stock, which has nearly doubled in 5 months, is at $14.25.

Fulgent Genetics, Inc. jumped $1.52, or 10.9%, to $15.42 on 458,900 shares Wednesday. The move, which came on no news from the genetic testing services company, broke the stock out of a 3-month coil. If it can get through lateral resistance right near here in the $15.50 zone, the near-term target is the $16.50 high from November, with the mid-channel target at $18.50.

Mallinckrodt plc gained 31 cents, or 6.4%, to $5.14 on 6.1 million shares Wednesday on no news from the specialty pharmaceutical company. The stock, which broke out a base in January and had an orderly pullback from resistance on lower volume, has been picking up in the last two sessions, and looking poised to re-test the highs. Initial target is $7.