Harry Boxer's four stocks popping to start the new year
By Harry Boxer
In focus: BlackBerry, Corbus Pharmaceuticals, California Resources and Remark Holdings
News and technical momentum are fueling a range of stocks today. Here are four to watch.
BlackBerry Ltd.(BB.T), which gapped up in late December only to pull back in a declining flag, exploded out of that flag formation on Tuesday, up 85 cents to $12.02 on 10.3 million shares traded. The move came ahead of news announced Wednesday of collaboration with Baidu (BIDU) on that company's autonomous driving open platform. A move through the Dec. 20 high of $12.36 could quickly get the stock to $13.25-$14, with the channel top near $16 the target beyond that.
Corbus Pharmaceuticals Holdings Inc.(CRBP) may be awakening after a year-and-a-half consolidation. The stock popped 85 cents, or 12%, to $7.95 on 2 million shares Tuesday, the highest close in nine months. The move came on no news from the clinical stage biotech company developing a treatment for cystic fibrosis. The Oct. 19 intraday high of $8.75 is the near-term target. A move through there could very well spike the price to the swing target at $10.25-$10.50, the double top from March 2017. Short interest of 12.9 times its average volume could fuel the move as short-sellers cover their positions on a rally.
California Resources Corp.(CRC) continues to stair-step up its rising channel, now up about three times from its August low below $6.50. The oil stock gained another 55 cents, or 2.8%, to $19.99 on 1.5 million shares traded Tuesday on no news. Next target is $23, the high from a year ago, followed by $26-$27, which is the channel top.
Remark Holdings Inc.(MARK) reversed nicely off its low of $9.21 on Tuesday to close at $10.35, up 62 cents, or 6.3%, on 1.6 million shares traded. After surging in November and more than tripling off that month's low, the stock has been consolidating in recent weeks. It reached a high of $11.16 intraday on Dec. 26, shortly after the company announced a joint venture to pursue artificial-intelligence solutions with Charoen Pokphand Group (CP Group), Thailand's largest private company and one of the world's biggest conglomerates. A move through that Dec. 26 high could take the stock to the $15-$16 range.
See Harry's video-chart analysis (https://www.thetechtrader.com/chartsoftheday/CRBP-CRC-MARK-VKTX-201801022054.html?utm_source=MW&utm_medium=Web&utm_campaign=HarryCOD) on these stocks.
The writer has no holdings in any stocks mentioned in this column.
Harry Boxer is founder of TheTechTrader.com (https://www.thetechtrader.com/?utm_source=MW&utm_medium=Web&utm_campaign=HarryCOD), a live trading room featuring his stock picks, technical market analysis and live chart presentations.
-Harry Boxer; 415-439-6400; AskNewswires@dowjones.com
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01-03-18 1320ETCopyright (c) 2018 Dow Jones & Company, Inc.