Skip to main content

Market Overview

4 Momentum Stocks To Watch

4 Momentum Stocks To Watch

By Harry Boxer, TheTechTrader

These four stocks have strong technical momentum that could carry them higher.

Anavex Life Sciences Corp. (NASDAQ: AVXL) gained 40 cents, or 9.4%, to $4.65 on 2.3 million shares Wednesday, nearly 3x its average volume.  On Monday and Tuesday the biopharmaceutical company's president and CEO presented a company update and participated in a panel at the 2020 BIO CEO & Investor Conference in New York. The move continued the stock's rapid ascent over the last two weeks, in which it has broken out of a nearly year-long sideways channel, completing an inverse head-and-shoulders bottoming pattern off its late December 2018 low of $1.25.  A move through the double-top from Sep-Oct 2017 in the $5.15 range could take the stock to $6.50 next.

Luna Innovations Incorporated (NASDAQ: LUNA) rose 46 cents to $9.04 on higher-than- usual volume of 392,700 shares Wednesday.  The move, on no news from the maker of fiber optic sensing, and test and measurement products, continued the stock's recent breakout of a flag.  It also pushed the stock, which has nearly tripled in the last 12 months,  to new highs not seen since late 2007.  There's some resistance up around $10 near the top of the long-term rising channel, which is our next target.

Purple Innovation, Inc. (NASDAQ: PRPL) advanced 54 cents to $14.20 on 391,000 shares Wednesday.  The move, on no news from the mattress maker, pushed the stock to a new all-time high.  The stock has been on a tear in the last two months, up from the mid-$7's in December, and the next target if it continues its momentum would be around $16.

Tandem Diabetes Care, Inc (NASDAQ: TNDM) climbed $2.33 to $81.05 on 1.7 million shares Wednesday.  The move came on no news from the maker of medical devices for people with insulin-dependent diabetes.  The stock has been in a steep rising channel since the start of the year.  It recently flagged before breaking out on Monday and then again Wednesday.  The rising channel points to a target of $98-$100.

See Harry's video chart analysis on these stocks.

No holdings.

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

Image Sourced from Pixabay


Related Articles (LUNA + AVXL)

View Comments and Join the Discussion!

Posted-In: stocks tech stocksEarnings News Guidance Markets Tech General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at