BLUEBIRD BIO, INC. (BLUE) is on the move, up $2.85 on Tuesday to $79.30 on 821,900 shares traded. The clinical-stage biotechnology company focuses on developing transformative gene therapies. The stock in late January broke out of a 1-month wedge formation in which its price range had been narrowing and going sideways, and has risen more than 20% since. If it can get through resistance at around $79.70, watch for a run initially to the mid-$80’s, and then the mid-$90’s.
EMCORE Corporation (EMKR) has been in a slightly rising channel since it popped 31% in a single session in early December on strong earnings. In the last week, after the maker of components for communications gear and solar panels again released earnings that topped Wall Street expectations, the stock has risen off the bottom of the rising channel. On Tuesday the stock popped 50 cents, or 5%, to $10.25 on over 1 million shares traded. Watch for a move next to $12.50-$13.00.
Kate Spade & Company (KATE) has popped out of a 6-week sideways, coiling pattern on Tuesday, up 83 cents to $19.61 on huge volume of 8.8 million shares. The move came after DealReporter reported the handbag maker is expecting takeover bids. The stock had been in an 8-month downtrend until late December when it popped 23% in a single session, and has consolidated since in a narrowing coil pattern until Tuesday's pop. If Tuesday's high over $20 is taken out, the stock could reach $22-23 next.
XPO Logistics, Inc. (XPO) on Tuesday broke out of a several-week consolidation, rising $1.25 to $49.06 on 1.9 million shares. The trucking logistics company offered an upbeat outlook on the rest of 2017 as well as 2018. The stock intraday on Tuesday reached $49.79, approaching the $49.86 high from December 9. A break through that should test the May 2015 highs near 51, and through there the stock could make a run towards the middle of the 1-year rising channel at $60 and then the top near $70.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.