4 Momentum Stocks To Watch

Harry Boxer  |

Image: Tandem Diabetes Care

These four stocks have strong technical momentum that could carry them higher.

Anavex Life Sciences Corp. gained 40 cents, or 9.4%, to $4.65 on 2.3 million shares Wednesday, nearly 3x its average volume. On Monday and Tuesday the biopharmaceutical company's president and CEO presented a company update and participated in a panel at the 2020 BIO CEO & Investor Conference in New York. The move continued the stock's rapid ascent over the last two weeks, in which it has broken out of a nearly year-long sideways channel, completing an inverse head-and-shoulders bottoming pattern off its late December 2018 low of $1.25. A move through the double-top from Sep-Oct 2017 in the $5.15 range could take the stock to $6.50 next.

Luna Innovations Incorporated rose 46 cents to $9.04 on higher-than- usual volume of 392,700 shares Wednesday. The move, on no news from the maker of fiber optic sensing, and test and measurement products, continued the stock's recent breakout of a flag. It also pushed the stock, which has nearly tripled in the last 12 months, to new highs not seen since late 2007. There's some resistance up around $10 near the top of the long-term rising channel, which is our next target.

Purple Innovation, Inc. advanced 54 cents to $14.20 on 391,000 shares Wednesday. The move, on no news from the mattress maker, pushed the stock to a new all-time high. The stock has been on a tear in the last two months, up from the mid-$7's in December, and the next target if it continues its momentum would be around $16.

Tandem Diabetes Care, Inc. climbed $2.33 to $81.05 on 1.7 million shares Wednesday. The move came on no news from the maker of medical devices for people with insulin-dependent diabetes. The stock has been in a steep rising channel since the start of the year. It recently flagged before breaking out on Monday and then again Wednesday. The rising channel points to a target of $98-$100.

Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis and live chart presentations.

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Equities Contributor: Harry Boxer

Source: Equities News

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer. The author of this article, or a firm that employs the author, is a holder of the following securities mentioned in this article : None

Companies

Symbol Name Price Change % Volume
LUNA Luna Innovations Incorporated 8.91 -0.06 -0.67 137,685 Trade
TNDM Tandem Diabetes Care Inc. 89.54 3.51 4.08 1,829,010 Trade
AVXL Anavex Life Sciences Corp. 5.81 0.81 16.20 2,355,412 Trade
PRPL Purple Innovation Inc. 14.21 -0.04 -0.28 378,905 Trade

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FB

     
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