By Harry Boxer
Here are two stocks with bullish-looking charts and two others looking lower.
On the long side, ImmunoGen, Inc. (IMGN) broke up out of a bull wedge consolidation, climbing 30 cents to close at $11.90 on heavy volume of 5 million shares traded Tuesday no news. The past year saw 200% growth in the stock's value, with investors examining the long-term prospects of the company's ovarian cancer drug that could launch in 2020. Next targets: $14 and $17.
Kopin Corporation (KOPN) closed up for the ninth day in a row and is now above its January high of $3.87. Price moved up 4.5% for the wearables technology stock, closing at $3.89 on elevated volume of 1.1 million shares traded Tuesday. The company announced its quarterly earnings last week. Short interest of more than 27 times its average volume could fuel the move as short-sellers cover on a rally. Next target: $4.25.
On the short side, Overstock.com, Inc. (OSTK) sank nearly 10%, or $5.75, closing at $52.10 on light volume of 3.8 million shares traded Tuesday. The move came with news that the online retailer may be required to collect sales tax in the future from its customers in South Dakota. The stock's prolific six-month trend up that started last July was broken on January 30, when its close tie to the bitcoin payment market brought its price down -- and it stayed down. Although a snapback up occurred in mid-February, price failed to stay above the $68.50 resistance level. The stock has declined 40% since its January 8 high. If it cannot remain above $48 in the coming days, the next stop is $41.
Dave & Buster's Entertainment, Inc. (PLAY) rallied 61 cents to close at $45.16 on very light volume of 744,300 shares traded Tuesday. It's been a rough nine-month slide for this stock, which began in June. Things were looking up during the holiday season, when the stock made a run up to $57, but that bull streak ended on January 5. Since then, price has formed an impressive bear flag. The stock has lost more than a third of its value since June 7. Next target: $39.
See Harry's video chart analysis on these stocks.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.