Charts of the Day video for Monday April 15th, 2019
Markets had a consolidation-type session, first up at the opening, sharply lower, then sharply rallying back up, only to pull back a little at the end of the day. It was a decent session for a lot of stocks. We have highlighted quite a few that look like they may be on the verge of breaking out and moving to the next level.
ArQule, Inc. (ARQL), which had a V-bottom in December like many biotechs, and the market in general, popped to resistance and backed off to form a left-head-right shoulder, formed a big breakaway gap on big volume with a breakout, followed by a month-long wedge, and then popped out of the wedge. On Monday, it had a bullish-engulfing day, advancing 34 cents, or 6.12%, to 5.90, on 1.7 million shares, or 70% more volume than average. If this should get above 6.00, which may happen quickly, targets are 7 1/4, 8 1/2, and 9. I think it looks good.
Axsome Therapeutics, Inc. (AXSM) jumped 85 cents, or 6.32%, to 14.31, on 1.8 million shares. I think the wedge is about to come to fruition and breakout. The targets are 16 and 21 going forward.
Catasys, Inc. (CATS), one of our swing trades, climbed 76 cents, or 6.08%, to 13.25, on 113,964 shares traded. This stock has been backing and filling in a wedge. I think it’s ready to go. It’s needs to get above 14 1/2-3/4 to really get going. If it does, targets going forward are 18 and 24.
Riot Blockchain, Inc. (RIOT), a cryptocurrency company, popped and formed a wedge, gaining 10 cents, or 2.17%, to 4.71, on 1.8 million shares on Monday. I’m inclined to think that if this breaks out of the wedge, it’s just too bullish of a formation. Good volume pattern, good technicals, and good rising OBV . I think the pop and the wedge will lead to about the 6 1/4-1/2 area, maybe 3/4. Then it will go to 8 3/4-9. Those are my targets.
Radiant Logistics, Inc. (RLGT), a shipping logistics firm, broke out and ran up 38 cents, or 5.74%, to 7.00, on 1.7 million shares. It has an amazing base, and now it’s coming to a level that I haven’t seen it do for four years. It might ramp toward a 7 3/4-8 range. It soared a 52-week high at 7.09 just three days ago and it was right back up there again. Keep an eye on it.
UP Fintech Holding Limited (TIGR), since its IPO, has been phenomenal, only pausing for four days because of a falling wedge. It popped out of the wedge and took off. On Monday, it was up another 1.60, 9.09%, to 19.21, on 2.7 million shares. The target on this one is 22-23 short-term.
Stocks on the long side included ArQule, Inc. (ARQL), Riot Blockchain, Inc. (RIOT), ATA Inc. (ATAI), Asure Software, Inc. (ASUR), Axsome Therapeutics, Inc. (AXSM), Tronox Limited (TROX), Soliton, Inc. (SOLY), Bio-Path Holdings, Inc. (BPTH), Adient plc (ADNT), Boxlight Corporation (BOXL), UP Fintech Holding Limited (TIGR), Conformis, Inc. (CFMS), Radiant Logistics, Inc. (RLGT), and Catasys, Inc. (CATS).