Three stocks that had been digesting recent gains now appear to be on the rise again.
ArQule, Inc. (NASDAQ: ARQL) gained 42 cents to $7.17 on 2.6 million shares Tuesday. The move, on more than 1/2 times its average volume, came on no news from the biopharmaceutical company. The stock broke out of a month-long wedge pattern last week and backed off before Tuesday's move. It edged above resistance at the July high of $7.21 intraday. A follow-through could get it to $8.50 next.
Qudian Inc. (NYSE: QD) jumped 95 cents to $7.09 on 10.9 million shares Tuesday, or 1 1/2 times its average volume. The move followed Monday's earning release by the China-based provider of online small consumer credit products. The stock had been in a down-channel off its May 2 high at $8.51, but Tuesday's move broke it out above the declining tops line. Watch for a test of that $8.51 high next.
Roku, Inc. (NASDAQ: ROKU) popped $4.30 to $87.63 on 10.9 million shares Tuesday on no news from the streaming TV company. The stock gapped up by about a third on May 9 on strong earnings, and has been flagging since. Tuesday's move edged the stock above the top of the pennant, as the stock had its highest close ever. The long-term rising channel points to a target in the high-$90's.
See Harry's video chart analysis on these stocks.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
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