Stock Charts To Watch - Thursday, April 2

Apache Corporation (APA), which I put a new swing on Thursday, created a double bottom and exploded 67 cents, or 17%, to 4.69, reaching a high of 5.30, on 52.6 million shares traded, and another 6 cents, or 1.28%, in after-hours to 4.75, but didn’t close great. The new targets and resistance are currently at 6.60, and then 8 3/4.

Co-Diagnostics, Inc. (CODX) popped 1.05, or 14%, to 8.51, with a high of 8.93, on 6.2 million shares traded on Thursday. I believe it may have started, but we’ll have to see how it follows through. There wasn’t any follow-through at the end of the day on Thursday. I think the long wedge is overdue for a pop to the upside. The key is 9.70, which needs to be taken out. When that occurs, it will see 12, 16, and so on.

TechnipFMC plc (FTI), an oil industry stock, has a nice pattern. It made an implosive move around mid-March, popped to resistance, formed a 6-day coil, and on Thursday, it popped out of the coil, gaining 96 cents, or 15%, to 7.52, with a high of 7.91, on 6 million shares traded. If that’s the start of something, we’re need to see a follow-through. If it gets through Thursday’s high, then it might make a run to 8 3/4, and then 10 3/4.

Occidental Petroleum Corporation (OXY) jumped 2.03, or 19%, to and early-morning session high at 13.91, before pulling back and closing up 12.77, on a whopping 79 million shares traded. I think the bottom might be in. It’s still in a big wedge, and until it takes out key-key resistance at about 14 1/2, the gap is then my target around 19 1/2-3/4.

Parsley Energy, Inc. (PE), another junior oil that ripped out of a wedge on Thursday, gained 1.36, or 24 1/2%, to 6.91, also reaching an early-morning session high at 7.78, on a big 25 million shares traded. Anything above Thursday’s high and my targets are going to be 9 and 10 1/2.

21Vianet Group, Inc. (VNET), which has a V-bottom and a platform, engulfed the entire last week with a huge move taking it from 12.71 to Thursday’s high at 14.99, finishing up just 12 cents off the high at 1.42, or 10 1/2%, to 14.87, on 1.2 million shares traded. That was the best volume in a week and a half. I think that was a breakout, and will run up to 17, and then we’re looking at 19-20 after that.

Stocks on the long side included Alcoa Corporation (AA), Amarin Corporation (AMRN), Apache Corporation (APA), Catasys, Inc. (CATS), Co-Diagnostics, Inc. (CODX), Cytosorbents Corporation (CTSO), DXC Technology Company (DXC), TechnipFMC plc (FTI), Grayscale Bitcoin Trust (BTC) (GBTC), Gilead Sciences, Inc. (GILD), Moderna, Inc. (MRNA), O-I Glass, Inc. (OI), Occidental Petroleum Corporation (OXY), Parsley Energy, Inc. (PE), Teladoc Health, Inc. (TDOC), U.S. Concrete, Inc. (USCR), United States Oil Fund, LP (USO), and 21Vianet Group, Inc. (VNET).

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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