Market Overview

4 Breakout Biotech And Tech Charts To Watch

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Here are two biotech and two tech stocks that are breaking out technically.

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) surged 5.6% to close at $3.94 on 7.8 million shares traded and no news. Price edged above a 5-week sideways coiling pattern. There is a lateral resistance level at $4.11, and Wednesday's high was $4.15. If there is follow-through from here, the cancer drug stock may see $5-$5.50 very quickly.

AXT, Inc. (NASDAQ: AXTI) advanced 25 cents and closed at $9.40 on heavy volume of 827,700 shares traded and no news. Price broke out of a week-long flag and above lateral resistance from its August high, moving up yet again in its rising channel. Wednesday's intraday high of $9.70 breached the high of $9.50 reached on August 1, bringing the semiconductor stock into a price zone not seen since February 2011. If price can move through lateral resistance, the next target is $11.

Dynavax Technologies Corporation (NASDAQ: DVAX) rose 75 cents to close at $23.95 on relatively light volume of 1.9 million shares traded Wednesday. The stock on Monday broke out of a 3-week consolidation on news that the company is evaluating the sale or licensing of its hepatitis B vaccine. The stock has gained 415% in value since January 3. In intraday action Wednesday, price met an existing target level of $24. Next targets: $25 and $28.

Mimecast Limited (NASDAQ: MIME) added 73 cents, closing at $29.75 on light volume of 258,300 shares traded Wednesday. The move came with news that the data security company plans expansion into Germany. Price has reached a lateral resistance area representing multiple tops going back to June. If the stock can close beyond its August 8 spike high of $30.10, next targets are $34 and $39.

See Harry's video chart analysis on these stocks.

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

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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