A semiconductor and two data-storage and management companies top our list of four stocks to watch today due to technical breakouts.
Diodes Inc. DIOD, +0.76% gained 77 cents and closed at $31.70 Tuesday on heavy volume of 473,900 shares traded and no news from the company. Price broke above the top of a five-day bull flag pattern that had formed at the $31 resistance level, continuing up the rising channel that began in August of last year. The next target zone is $34.50-$35, which is at the all-time high of the semiconductor device stock from October 2007.
Nutanix Inc. NTNX, +3.47% soared on analyst enthusiasm, jumping $2.30, or nearly 10%, to close at $25.61 on huge volume of 15.5 million shares traded. The cloud OS stock broke out of a nearly three-month consolidation formed in the $20-$25 zone. Having now closed above resistance formed at the Sept. 22 high of $24.97, price may now be filling the significant gap created at earnings on March 3. Next targets are at $28 and $32.
Pure Storage Inc. PSTG, +1.14% rose 57 cents and closed at $15.82 on just under 1.2 million shares traded and no news from the company. Price has been forming a bull wedge consolidation pattern over the past few weeks and has held support in the $15.15 zone from the prior high. If price closes above $16.35, the technology stock may well move up toward its next target at $18.
Abeona Therapeutics Inc. ABEO, -3.01% the lone biotech stock to watch today, broke through prior resistance at $18.90 on Tuesday and sailed up 14%, or $2.45, closing at $19.95 on heavy volume of 2.4 million shares traded. Worth noting: The technical angle of price as it has ascended shows that its trajectory up the chart has accelerated. That action, coupled with large volume on a breakout day, provides good reason to watch this stock closely. The gene-therapy company has had an amazing run recently, enjoying positive market reactions to its Aug. 22 earnings announcement, FDA news and clinical trials data. Next targets: $23 and $28.
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.