Harry Boxer describes five stocks that are making strong moves with serious volume.
Advanced Micro Devices, Inc. (AMD) started off Wednesday with a tremendous snapback off of the three-day pullback. It had dropped from $87.29 to $76. On Wednesday, however, it made up a lot of it with a jump of $5.73 to $82.61 on 88.5 million shares traded. That’s the best volume in six sessions, and an indication it might want to retest the high and take it out. If it does take out $87, I would look for $93.
Builders FirstSource, Inc. (BLDR) has a beautiful chart as it stair-steps its way higher. It looks to me like its 4 waves up and wave 5 started on Wednesday with a big pop to the upside of $3.30, or 12.2% to $30.36, with a session high of $31.18, on 7.5 million shares traded. I would look for an extension to about 34.
First Solar, Inc. (FSLR) swing is acting great. Ever since we put the swing on, it has moved up dramatically, about 50% already. It stalled for a couple days, and on Wednesday, it snapped right back $3.34 (5%) to $73.53, with a session high of $74.93, on 1.7 million shares traded. What it needs to do now is take out the $78.50, and then run it up towards $84.
Pacific Biosciences of California, Inc. (PACB) exploded out of a rising channel and moved up 1.05, or 23.5%, to 5.52, with a session high of 5.78, on 21 million shares traded. It’s up near resistance from the Aug high, which was 5.94. There is a little more room, maybe, but it’s hard to say if it backs off and consolidates. If it keeps on pushing, the next target is up around 6 1/2.
Tesla, Inc. (TSLA) announced a 5 to 1 split on Wednesday and went ballistic. It broke out of that coil I have been showing you for two weeks, and added $180.37 (13%) to $1,554.76, with a session high of $1,585.00, on 22 million shares traded. The target now is $1,689, and the all-time spike high is $1,789. If it gets through that, you’re looking at above $2000.
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