Credit: Shutterstock photoHere are four stocks in four different industries with strong technicals pointing to higher prices.
Ebix Inc. (EBIX), which popped in the second half of April from around $36 to $50, is in a sideways, flag formation off the big move. On Monday the stock had a nice reversal day, rallying off the low at $45.05 to as high as $49.35, before closing at $47.82, up 58 cents. The maker of software for the insurance industry reported earnings that beat Wall Street expectations. A break above Monday's high could lead to a move to the long-term, mid-channel target in the high $50's, followed by the channel top in the high $60's.
Medivation, Inc. (MDVN), which has been up nearly every day for a week, rallied again on Monday, up $2.54 to $62.54 on 6.2 million shares. The cancer drugmaker reportedly signed non-disclosure agreements with Pfizer Inc. (PFE) and Amgen Inc. (AMGN), who are among potential takeover suitors. The chart points to a continued move into the high $60's to low $70s'.
Primo Water Corporation (PRMW) had a nice pop on Monday, up 43 cents, or 3.7%, to 11.92 on 278,500 shares traded, nearly twice its daily average. The water beverage company's stock is in mid-channel of a beautiful 3 1/2-year rising channel. It is now at a 5-year high, with next targets at $13.50 and then $15.50-.75.
USA Technologies Inc. (USAT) is in a sideways formation after rallying approximately 75% since its January low. The provider of electronic payment systems and services has lateral resistance from several recent attempts at the $4.75 level. A move through that could lead to $5.25 and even the channel top near $6.
See Harry's video chart analysis on these stocks.
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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.
