Two cannabis stocks are among our four charts to watch today.
Aphria Inc. APHA, +12.56% popped $1.08, or 14%, to $8.74 on 13.7 million shares traded Thursday, nearly twice its average volume. The move came on a Bloomberg report that Green Growth Brands GGBXF, +6.54% is open to negotiations regarding its attempt to buy the Canadian marijuana company. Watch for a move next to $9.50, as momentum is strong, followed by $10.50, which is the next lateral resistance.
Cronos Group Inc. CRON, +6.07% rallied $1.25 to $19.68 on 29.5 million shares traded Thursday, more than 2 1/2 times its average volume on no news issued by the company. Shares in the cannabis-investment firm doubled in January, and look poised to continue higher toward the top of the steeply ascending channel near $24.
Evolus Inc. EOLS, +1.04% popped 73 cents to $16.35 on 575,024 shares traded. The move came on no news from the provider of medical-aesthetic products. The stock has been rallying off the bottom of its declining channel since December, though it hasn’t yet broken out above the declining tops line. It’s been up for five sessions in a row on strong volume, and closing in on that declining tops line as well as lateral resistance. A breakthrough here could lead to a run to $21.
Qutoutiao Inc. QTT, +6.87% jumped $1.22 to $10.92 on 2 million shares traded Thursday on no news from the company. Shares in the Chinese viral-content site, which have nearly tripled since early December, broke out of a mini wedge and above lateral resistance. Next target is $13.50.
See Harry’s video-chart analysis on these stocks.
The writer has no holdings in any of the securities mentioned.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis and live chart presentations.