ERI, ITCI, PRTA, SHOP - Stock Charts to Watch
It was an interesting day on Wall Street on Thursday. Lots of volatility. It went up. It went down. then it went sharply up. And then it went sharply down. It closed mixed, and an ugly way to end the day. Friday may not be that much better, but for now, we had a lot of stocks that did some amazing things, so let’s take a look at some of them.
Eldorado Resorts, Inc. (ERI) had a significant day on Thursday, up 39 cents to 9.77, or 4%, on nearly a million shares. That’s the biggest volume on an up-day since May. It broke out of the wedge that had been forming over the last 3-4 weeks, and looks like there’s more upside. Target is around 12-12 1/2, and longer-term this stock could run up to 14-15. ERI has a very intriguing pattern.
Intra-Cellular Therapies, Inc. (ITCI) sure turned into a monster, doubling, or jumping 130%, in two days. It was very strong on Wednesday, which was reason to believe it might pullback on Thursday, but it did not. Instead, it was up another 9.83 to 58.62, or 20%, on 4.8 million shares. We traded this stock two days in a row and did awesome with it. It could possibly run again, but look for a pullback consolidation.
Prothena Corporation (PRTA) is looking great. It looked so good on Thursday that we put a swing on it after it punched through resistance. It was up 2.67 to 63.04, or 4.4%. The volume wasn’t heavy, only 300,000, but we’re expecting a test of 70 short-term. If it gets through that, this stock could rock it into the mid-to-high 80’s.
Shopify Inc. (SHOP), on a deal with Amazon, exploded. It ran up to 37.95, up about 9.00, on Thursday, pulled back, and closed at 35.55, up 6.64, or 23%, on 2.1 million shares. Look for a consolidation set-up for a test of 41-42 going forward.
Other stocks on the long side include Advaxis, Inc. (ADXS), Anthera Pharmaceuticals, Inc. (ANTH), Collegium Pharmaceutical, Inc. (COLL), Exelixis, Inc. (EXEL), FibroGen, Inc. (FGEN), Fitbit Inc. (FIT), Lexicon Pharmaceuticals, Inc. (LXRX), Medgenics, Inc. (MDGN), Sucampo Pharmaceuticals, Inc. (SCMP), Sarepta Therapeutics, Inc. (SRPT), and Zafgen, Inc. (ZFGN).