By Harry Boxer, TheTechTrader
Here are four stocks in a range of industries that are testing or just above key resistance levels.
Advanced Micro Devices, Inc. (NASDAQ: AMD) jumped $1.58 to $56.98 on 70 million shares Tuesday. The move, on no news from the chipmaker, edged the stock above the top of its long-term rising channel. The stock is also nearing the top of a steeper, shorter-term channel off its October low below $28. That channel top points to a next target of $60-$62.
Ballard Power Systems Inc. (NASDAQ: BLDP) surged $1.14, or 10%, to $12.50, on 6.6 million shares Tuesday. The move, on more than double its average volume, came on no news from the fuel cell products company, which was one of our top picks for 2020. The stock has more than doubled since breaking out of its December consolidation, and Tuesday's broke it above lateral resistance. The stock should easily get to $13 as early as Wednesday, and watch for $15.50 beyond that.
Luckin Coffee Inc. (NASDAQ: LK) climbed $2.32 to $40.34 on 14.3 million shares Tuesday on no news from the China-based coffee chain. After pulling back sharply on coronavirus fears, the stock has rebounded and formed a V bottom. The stock is currently right at key lateral resistance, a break through which could lead to a test of $45 next.
Puma Biotechnology, Inc. (NASDAQ: PBYI) popped $1.04, or 8.4%, to $13.29 on 1.1 million shares Tuesday. The move came on no news from the biotech company, which focuses on products to treat cancer. The stock recently popped and then pulled back for a week and a half before breaking out of the declining wedge on Tuesday. Watch for a retest of the recent high at $15.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
Image by Delyth Williams from Pixabay
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