Medical stocks dominate today’s top charts to watch.
AbbVie Inc. climbed $1.72 to $73.85 on 6.2 million shares traded Thursday. The move came on no news from the maker of Humira and other drugs. The stock has been rallying for the past month, breaking out of a 1 1/2-year declining channel. However, it pulled back Tuesday and Wednesday to test support before Thursday’s bounce. Watch for a move next to recent highs near $76.
Arrowhead Pharmaceuticals Inc. jumped $1 to $29.92 on 883,800 shares traded Thursday. The move, on no news, continued the stock’s breakout of a one-month falling wedge. The stock needs to get above $31.50 to confirm the continuation of the uptrend, beyond which it could make a run at the recent high near $37.
Zynex Inc. popped $1.02, or 9.4%, to $11.80 on 1 million shares traded Thursday, over three times its average volume. On Wednesday, the maker of electrotherapy medical devices announced 95% year-over-year order growth for the third quarter. The move followed Wednesday’s breakout of a two-month coil that also closed the stock above its June all-time high. Watch for $14 next.
Our lone non-medical stock today, Turtle Beach Corp. , gained 39 cents to $10.89 on 406,800 shares traded Thursday. The company announced the availability of a new gaming headset audio enhancer. The move bounced the stock off its 21-day moving average, as it continues to build a multi-month base that could be setting up for a breakout. Watch for a test next of the $12-$12.50 range.
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.