Stock Charts To Watch - Monday, Jan. 13

Ballard Power Systems Inc. (BLDP) had a spike up on big volume on Monday, gaining 74 cents, or 8.16%, to 9.81, after reaching a high of 10.93, on 12 million shares. That might just be a short-term top. We’ll have to wait and see. It has gone from the Dec pullback low of 5.50 to 10.93, nearly doubling. It broke out of a rising channel on Monday, accelerated, and even took out the short-term channel. The high was 1.12 from where it closed and, yet, still, it was up.

Canopy Growth Corporation (CGC), one of the stocks in the marijuana group that I am watching closely and a swing of ours, is not only an industry leader, but a fantastic chart. This stock came down in April from 52.75 to 13.81 at the low in Nov, then spiked up, pulled back, spiked up and pulled back again, formed a basing pattern, and on Monday, broke out, jumping 2.57, or 12.5%, to 23.11, after reaching a high of 23.20, on 18 million shares traded. That’s the biggest volume we’ve seen in a couple of months. It looks to me like, if it gets a follow-through, 25 1/2 and 29 are the targets.

3D Systems Corporation (DDD) is ripping it. It has a beautiful bottom after a long decline, it broke out, stalled for two days, and on Monday accelerated 1.23, or 12.3%, to 11.22, after reaching a high of 11.33, on 4.7 million shares. It looks like it’s going to test resistance as early as tomorrow morning around 11 1/2.

InMode Ltd. (INMD) continues its move of the last five sessions that broke it out of the falling wedge, popping another 2.60, or 6.17%, to 44.74, after reaching a high of 45.34, on 1.8 million shares on Monday. There’s resistance at the 45 1/2-46 range. If it can get through here, we should see a test of 49, and possibly as high as 55, which are my targets going forward.

Luckin Coffee Inc. (LK) is a monster and has moved from the Nov low around 18, to about 150%, to Monday’s session high and 52-week high at 47.65, and added another 50 cents, or 1.09%, in after-hours, having jumped 2.58, or 6%, to 45.90, on 17 million shares. For me, this is the kind of stock, after a 5-wave move, it may be dangerous going higher. It’s extended, has momentum, and it can still accelerate to the low 50’s, but be careful, it’s due for a pullback on profit-taking.

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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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