Momentum stocks in marijuana, blockchain and video streaming top our list of charts to watch today.
Canopy Growth Corp. CGC, -3.63% jumped $1.08 to $47.88 on 5.8 million shares traded Tuesday. The marijuana stock has been coiling nicely, consolidating its big gains from January, and looks poised to break out again. A break through the early February high near $52 could move it next to the October highs above $56.
iQIYI Inc. IQ, -1.78% gained 80 cents to $27.46 on 10.3 million shares traded Tuesday. The move popped the Chinese video-streaming stock out of a wedge it’s been since it gapped up two weeks ago on strong fourth-quarter results. A break through the recent high at $29.18 could move the stock to the September high near $31 next, followed by the August high near $32.
Overstock.com Inc. OSTK, -0.05% popped 92 cents to $22 on 3.6 million shares traded Tuesday. The stock in the online retailer and parent of blockchain technology company tZERO is in a rising channel off its December low under $13 and right at lateral resistance from its Nov. 2 and Feb. 19 highs. A breakout through here could lead to $27 next, last reached in October.
Roku Inc. ROKU, +4.45% rose $1.78 to $68.83 on 9.3 million shares traded Tuesday. The company announced that its streaming players and TVs are now compatible with Amazon Alexa-enabled devices. The move took the stock to the top of the flag pattern it’s been since popping on earnings two weeks ago. A move through Tuesday’s near $69.50 could lead to the mid-$70s.
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.