Here are four stocks positioned right at key technical breakout points.
Horizon Therapeutics PLC climbed 92 cents to $28.20 on 2.3 million shares traded Tuesday, more than 1 1/2 times its average volume. The move, which came on no news from the drug maker targeting treatments for rare and rheumatic diseases, edged the stock out of a two-month sideways channel. A break above the May high near $29.25 could get the stock to $32 next.
Seattle Genetics Inc. rose 96 cents to $83.38 on 890,200 shares traded Tuesday. The move, on no news from the developer of cancer therapies, positioned the stock right at the declining top line of its two-week wedge pattern. A follow-through breaking out of the wedge could take the stock to $89.
Winnebago Industries Inc. jumped $2.04 to $40.49 on 637,300 shares traded Tuesday. The move, which comes ahead of next week’s earnings release, popped the stock out of a three-week wedge formation, positioning it right against lateral resistance near $41. A break through there could take the stock to the $47 level reached in June of last year.
XPO Logistics Inc. gained $1.19 to $75.85 on 905,000 shares traded Tuesday. The provider of transportation and logistics services announced it’s expanding its fleet of alternative fuel vehicles. The stock is now at lateral resistance after running up for five days in a row. The target is the rising channel top near $85.
See Harry’s video-chart analysis on these stocks.
The writer has no holdings in any securities mentioned.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis and live chart presentations.