3 Stocks on the Move
By Harry Boxer, TheTechTrader
Three stocks that had been digesting recent gains now appear to be on the rise again.
ArQule, Inc. (ARQL) gained 42 cents to $7.17 on 2.6 million shares Tuesday. The move, on more than 1/2 times its average volume, came on no news from the biopharmaceutical company. The stock broke out of a month-long wedge pattern last week and backed off before Tuesday's move. It edged above resistance at the July high of $7.21 intraday. A follow-through could get it to $8.50 next.
Qudian Inc. (QD) jumped 95 cents to $7.09 on 10.9 million shares Tuesday, or 1 1/2 times its average volume. The move followed Monday's earning release by the China-based provider of online small consumer credit products. The stock had been in a down-channel off its May 2 high at $8.51, but Tuesday's move broke it out above the declining tops line. Watch for a test of that $8.51 high next.
Roku, Inc. (ROKU) popped $4.30 to $87.63 on 10.9 million shares Tuesday on no news from the streaming TV company. The stock gapped up by about a third on May 9 on strong earnings, and has been flagging since. Tuesday's move edged the stock above the top of the pennant, as the stock had its highest close ever. The long-term rising channel points to a target in the high-$90's
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.