4 Tech and Biotech Stocks With Momentum to Watch
Here are four biotech and technology stocks showing strong technical momentum.
Exact Sciences (EXAS) - Get Report
Exact Sciences had a big breakout on Tuesday on strong earnings, followed by an "inside day" (remaining within the previous session's price range) on Wednesday. After hours Wednesday, the cancer diagnostics company announced a secondary offering, which knocked the stock down slightly. Tuesday's breakout traversed the stock from the bottom to the top of its rising channel. If it can hold support at the gap at around $14.55-to-$14.60, watch for the stock to punch through resistance at $17.25 and run to around $21 or $22.
Exelixis (EXEL) - Get Report
Execlixis continues higher in a tight, rising two-month mini channel. The stock of the cancer drugmaker is up from $3 and change in March to Wednesday's close at $8.76, and still looks to go higher, residing near the mid-point of its long-term channel since January 2015. A break through current levels could get the stock to $12.
Shopify (SHOP) - Get Report
Shopify has been flagging nicely after bouncing off support in the post-Brexit selloff. Should it breakout above recent highs at $33.50, the stock of the provider of a cloud-based commerce platform for merchants has a shot at moving to the high $30s, which was last reached in October. After that it could retest the highs in the low $40's from mid-2015 when it went public.
Universal Display (OLED) - Get Report
Universal Display popped $4.94, or 7.3%, to $72.27 on Wednesday, on the biggest volume in two months. On Monday, research firm IHS Market issued a report noting that organic light-emitting diode (OLED) displays will replace liquid crystal display (LCD) screens as the leading smartphone display technology in 2020. Wednesday's move broke the stock out of a falling wedge. If it can get through the spike high at $73.24 reached almost three weeks ago, this could be an $80-to-$82 stock.
See Harry's video chart analysis on these stocks.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.