Markets

4 Momentum Stocks to Watch

Using a smartphone to calculate data

Cavium Inc. (CAVM), which double-bottomed near 36 in late June and early July from a year-long downtrend, has formed a nice pattern since. The stock ran up sharply in July and August into the mid-50's, and then moved sideways for three months until breaking out on Tuesday. Stock exploded from a low of 57.10 to 62.79 before closing at 61.47, up 4.41. There's some resistance short-term at 64, but stronger resistance to watch at around 68 for this semiconductor manufacturer.

NVIDIA Corporation (NVDA) jumped another 1.51, or 1.6%, to 93.39, on 12.4 million shares on Tuesday. The stock, in a steady up-channel since the February low under 25, is in a 3-week flag formation after the big spike-up from the mid-60's in mid-November. It is moving towards lateral resistance from the highs of the flag at 95 1/4. Through there, the short-term target would be the channel top near 102-103.

Terex Corporation (TEX) popped out of a wedge pattern on Tuesday, up 1.25, or 4.2%, to 31.09 on a pick-up in volume at 1.47 million shares. The stock had gapped up from the 23 range in early November and continued as high as 31.44 before consolidating in the last week. A move through 31.44 could lead to 34 next.

Western Digital Corporation (WDC) had an inside day on Tuesday (remaining within the price range from Monday), up another 1.76, or 2.8%, to 63.85, on 4.7 million shares traded. It also looked good in afterhours with a great report, running all the way to 68 before backing off to consolidate in a nice bull-coil. The stock, which is in a rising channel off its May low under 35, looks like it wants to go higher. There’s strong resistance at 69-69 1/4 that it could approach as early as Wednesday morning.

​See Harry's video chart analysis on these and other stocks.

No holdings.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NVDA TEX WDC

Other Topics

Stocks

Harry Boxer

Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his trade alerts and technical market analysis. A 45-year veteran technical analyst and stock picker, Harry is author of "Profitable Day & Swing Trading," named by Stock Trader's Almanac as the "2015 Best Investment Book of the Year." Harry is a popular speaker at financial forums and conferences in the U.S. and internationally, including The Traders Expo and World Money Show, and widely syndicated on sites including MarketWatch, TheStreet, Minyanville, DecisionPoint, and more.

Read Harry's Bio