Markets

4 Stocks with Strong Technical Momentum

By Harry Boxer

A number of stocks are looking strong technically this week with the market's upside reversal. Here are four to watch.

Akorn, Inc. (AKRX) had a strong reversal session on Tuesday, up $1.05 or 3.28%, to $33.04. After surging in the second week of April on news of being in talks to be acquired by Fresenius Kabi, the stock flagged in recent sessions, and looked to be continuing lower on Tuesday, reaching $31.29 intraday before bouncing. The stock closed with volume of 5.3 million shares, the highest in about five sessions. Resistance is at $33.60, the high from April 10. Through there, the next target is $35, followed by $39-$39.50.

Akari Therapeutics, Plc (AKTX) also had a big reversal session on Tuesday, rallying $1.66, or 12.4%, to $14.97 on 714,600 shares. The move, which came on no news, reversed a week-long pullback that saw the stock drop from a high of $22.20 on April 10 to a low of $12.30 on April 17. That pullback followed a huge 10-day surge, in which the stock tripled from under 7 on news the FDA granted one of the company's drugs a "fast track" designation. Resistance is at $16, and, if the stock gets through that, watch for a target in the $18.50-$19 zone.

MiMedx Group, Inc. (MDXG) has been up four sessions in a row, climbing more than 15%. Last Thursday the biopharmaceutical company announced that first-quarter revenue topped the high end of guidance. The top of the nearly 2-month rising channel points to $11.50-.75, a level last reached in September 2015. That's our initial target, followed by $12.75. Short interest is a whopping 32.7x average volume, which means that a price advance could be greatly accelerated by short covering.

Stratasys Ltd. (SSYS) had a significant, high-volume breakaway gap on Tuesday, closing at the upper end of the range. The stock gained $2.47, or 11.6%, to $23.77, on 3 million shares traded, or more than four times its average volume. A Piper Jaffray analyst upgraded his view on the 3D printing specialist from neutral to overweight and increased his price target to $28. Technically, if the stock can get through the $25 zone, then the target is $28, last reached a year ago (April 2016), and then possibly $30.

See Harry's video chart analysis on these stocks.

No holdings.

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.


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

MDXG SSYS AKTX AKRX

Other Topics

Stocks Investing

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