Stock Charts To Watch - Wednesday, May 20

Cloudera, Inc. (CLDR) broke out of a platform on Wednesday that has been forming for 7 or 8 weeks. It popped 74 cents, or 8 1/2%, to 9.39, just 4 cents off the session high of 9.43, on 4.3 million shares traded, and another 11 cents to 9.50 in after-hours. It looks like this measured move could take it to 11, maybe as high as 12.

Cheetah Mobile Inc. (CMCM) exploded 98 cents, or 47.3%, to 3.05, with a morning session high of 3.28, on a record volume of 8.2 million shares traded. I haven’t seen that much volume in a couple-three years. It went up through the declining topsline and lateral resistance and pulled back. If it gets through here, look for a follow-through to 3.90 and 4.50.

Inovio Pharmaceuticals, Inc. (INO) extended on Wednesday and backed off, but was up on the day by 1.23, or 8 1/2%, to 15.79, on 76 million shares traded. You can see that the channel that is forming is calling for a retest of the spike high at 19.36, which was done a couple months ago, and then onward and upward to 23-24.

Kornit Digital Ltd. (KRNT) has had quite a week, going from 28 to over 48 in the last 5 days. On Wednesday, it jumped 12.06, or 33.8%, to 47.74, with a multi-week and session high of 48.06, on 3.3 million shares traded. It’s at the top of the long-term channel, but it may get a little bit of an extension in the next day or two taking it up to 50.

Ingevity Corporation (NGVT), which provides specialty chemical for high-performance carbon materials, is coming out of a base and looking awfully good on Wednesday, with a move up of 3.06, or 6.22%, to 52.26, reaching a high of 62.54, on 328,844 shares traded. It’s four waves up and the fifth wave could, and likely will, take a run to 63.

Penn National Gaming, Inc. (PENN) has been up five days in a row, and 11 days out of the last 13 days. On Wednesday, it made a strong move of 3.08, or 13%, to 26.81, with a session high of 27.30, on 34.5 million shares traded. The first target is 27 1/2. If there’s and extension here, it might go all the way back up and test the highs at 34, and then 38.

Surface Oncology, Inc. (SURF) exploded on Wednesday with a breakaway gap out of a wedge pattern, and jumped 1.22, or 46%, to 3.88, after reaching multi-week and midday session high of 4.40, on 11.2 million shares traded. If it gets through the triple top, my next target is 6.00.

Stocks on the long side included Altimmune, Inc. (ALT), Apache Corporation (APA), Atara Biotherapeutics, Inc. (ATRA), AudioCodes Ltd. (AUDC), BioCryst Pharmaceuticals, Inc. (BCRX), Cloudera, Inc. (CLDR), Cheetah Mobile Inc. (CMCM), Daqo New Energy Corp. (DQ), Darden Restaurants, Inc. (DRI), Eldorado Resorts, Inc. (ERI), Green Plains Inc. (GPRE), Halliburton Company (HAL), ImmunoGen, Inc. (IMGN), Immunomedics, Inc. (IMMU), Inovio Pharmaceuticals, Inc. (INO), Kornit Digital Ltd. (KRNT), MEI Pharma, Inc. (MEIP), MacroGenics, Inc. (MGNX), Moderna, Inc. (MRNA), Ingevity Corporation (NGVT), Intellia Therapeutics, Inc. (NTLA), Nutanix, Inc. (NTNX), Pan American Silver Corp. (PAAS), Penn National Gaming, Inc. (PENN), Arcus Biosciences, Inc. (RCUS), Sea Limited (SE), Surface Oncology, Inc. (SURF), Village Farms International, Inc. (VFF), Vir Biotechnology, Inc. (VIR), and Viking Therapeutics, Inc. (VKTX).

Disclaimer: Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing ...

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