Market Overview

4 Stocks With Technical Momentum

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Here are four stocks with strong technical momentum.

Clovis Oncology Inc (NASDAQ: CLVS) had a very good day on Tuesday, up 2.04, or 5%, to 42.52 on 4 million shares traded. The move closed the stock above lateral resistance at $40, and positioned it right at the top of the mini 2-month rising channel within its longer-term up-channel. A follow-through on Wednesday could lead to $46 and then $49 next.

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Ferroglobe PLC (NASDAQ: GSM) is in a bullish flag formation off its nearly 40% rally in November. On Monday the stock bounced off support from the April-May double-top, reversed, and then followed through on Tuesday, up 33 cents, or 3%, to 11.44, on 430,589 shares traded. Based on the stock's November spike, the next "measured move" could get it up to $15. There is some resistance up around $13.25 that it needs to surpass first.

Tower Semiconductor Ltd. (USA) (NASDAQ: TSEM) has a strong chart, having popped out of a three and a half month consolidation in mid-November. The stock pulled back toward the end of the month, and has been rising steadily for the last three weeks. On Tuesday, it had a quieter "inside day," in which price remained within the range of the prior session. Next lateral resistance levels and targets to watch short-term are $20.75 and then $21.25, followed by $24 and $25.50 intermediate-term.

Winnebago Industries, Inc. (NYSE: WGO) popped out of a coil on Tuesday, up 1.40, or 4%, to $37.20, on 593,300 shares traded. That’s good volume for that stock.  The stock, which is in a rising channel after breaking out of its base in early October, could see a contiuation to the channel top near $40-$40.50 next.  With short interest of 12 times its average volume, the stock could see prices accelerate as shorts cover on an advance.

See Harry's video chart analysis on these and other stocks.

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

Posted-In: Biotech Technicals Tech Trading Ideas

 

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