4 Stocks With Strong Technical Momentum
A number of stocks are looking strong technically this week with the market's upside reversal. Here are four to watch.
Akorn, Inc. (NASDAQ: AKRX) had a strong reversal session on Tuesday, up $1.05 or 3.28%, to $33.04. After surging in the second week of April on news of being in talks to be acquired by Fresenius Medical Care AG & Co. (ADR) (NYSE: FMS), the stock flagged in recent sessions, and looked to be continuing lower on Tuesday, reaching $31.29 intraday before bouncing. The stock closed with volume of 5.3 million shares, the highest in about five sessions. Resistance is at $33.60, the high from April 10. Through there, the next target is $35, followed by $39-$39.50.
Akari Therapeutics PLC (ADR) (NASDAQ: AKTX) also had a big reversal session on Tuesday, rallying $1.66, or 12.4%, to $14.97 on 714,600 shares. The move, which came on no news, reversed a week-long pullback that saw the stock drop from a high of $22.20 on April 10 to a low of $12.30 on April 17. That pullback followed a huge 10-day surge, in which the stock tripled from under 7 on news the FDA granted one of the company's drugs a "fast track" designation. Resistance is at $16, and, if the stock gets through that, watch for a target in the $18.50-$19 zone.
MiMedx Group Inc (NASDAQ: MDXG) has been up four sessions in a row, climbing more than 15%. Last Thursday the biopharmaceutical company announced that first-quarter revenue topped the high end of guidance. The top of the nearly 2-month rising channel points to $11.50-.75, a level last reached in September 2015. That's our initial target, followed by $12.75. Short interest is a whopping 32.7x average volume, which means that a price advance could be greatly accelerated by short covering.
Stratasys, Ltd. (NASDAQ: SSYS) had a significant, high-volume breakaway gap on Tuesday, closing at the upper end of the range. The stock gained $2.47, or 11.6%, to $23.77, on 3 million shares traded, or more than four times its average volume. A Piper Jaffray Companies (NYSE: PJC) analyst upgraded his view on the 3D printing specialist from neutral to overweight and increased his price target to $28. Technically, if the stock can get through the $25 zone, then the target is $28, last reached a year ago (April 2016), and then possibly $30.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
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