AMD, Ballard Power and two other stocks that are breaking out
Here are four stocks in a range of industries that are testing or trading just above key resistance levels.
Advanced Micro Devices Inc.
jumped $1.58 to $56.98 on 70 million shares traded Tuesday. The move, on no news released from the chipmaker, edged the stock above the top of its long-term rising channel. The stock is also nearing the top of a steeper, shorter-term channel off its October low below $28. That channel top points to a next target of $60-$62.
Ballard Power Systems Inc.
surged $1.14, or 10%, to $12.50, on 6.6 million shares traded Tuesday. The move, on more than double its average volume, came on no news from the fuel-cell products company, which was one of our top picks for 2020. The stock has more than doubled since breaking out of its December consolidation, and Tuesday’s rise broke it above lateral resistance. The stock could rise to $15.50 and beyond.
Luckin Coffee Inc.
popped $2.32 to $40.34 on 14.3 million shares traded Tuesday on no news from the China-based coffee chain. After pulling back sharply on coronavirus fears, the stock has rebounded and formed a “V” bottom. The stock is currently right at key lateral resistance, a break through which could lead to a test of $45 next.
Puma Biotechnology Inc.
climbed $1.04, or 8.4%, to $13.29 on 1.1 million shares traded Tuesday. The move came on no news from the biotech company, which focuses on products to treat cancer. The stock recently popped and then pulled back for a week and a half before breaking out of the declining wedge on Tuesday. Watch for a retest of the recent high at $15.
See Harry’s video-chart analysis on these stocks.
The writer has no holdings in any securities mentioned.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis and live chart presentations.