A number of stocks we follow are showing strong technical momentum. Here are four to watch.
1. Celator Pharmaceuticals (CPXX) , one of our swing trade picks, is doing very well. It gained another 65 cents, or 5.2%, to $13.08 on volume of 3.4 million shares Wednesday. The stock exploded in mid-March on news of breakthrough trial results for treating acute myeloid leukemia, moving from $1.68 to nearly $9 in just one day. The stock pulled back for two days, popped, pulled back for three days, and now it's moving again. The top of the channel says this stock could reach $17 or $18 in the near term.
2. FireEye (FEYE) , after dropping from the high $50s in mid-2015 to the low teens in February, has since reversed about 50%. The cybersecurity company's stock gained 75 cents, or 4.3%, to $18.21 on Wednesday as it threatens to break out of its recent coil, where it resides above the moving averages. The first target is the recent high near $19.50, and the secondary target is the January high near $22.50.
3. Inogen (INGN) , another of our swing trade picks, is also doing great. The medical instruments company’s stock popped in mid-March on strong earnings. Then it wedged, popped again, flagged, and now it's moving again. It gained $1.94 to $46.66 on 200,674 shares on Wednesday. The next target is up around $49-$50.
4. LSB Industries (LXU) broke out in early March, wedged, and broke out again a few weeks ago, forming another wedge. The chart pattern of the chemical maker is bullish, and a break above the $13 level could trigger an initial move to recent highs at around $14.
See 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.