Outside the Box: Harry Boxer’s stocks to watch include maker of Botox competitor

Banking





Here are two stocks moving higher on news and two others showing weakening technical indicators.

Evolus

EOLS, -7.61%

 popped $4.85 to $28.91 on 4.8 million shares traded Thursday. Shares in the provider of medical aesthetic products have rallied since the company received FDA approval last week for its treatment of frown lines. Allergan’s

AGN, -0.26%

 Botox, until now, owned this space. The stock is right at resistance from its late August high, and a move through this level could get it to $34 next.

American Superconductor

AMSC, -0.96%

 jumped 66 cents to $14.54 Thursday on 604,100 shares traded, or double the average volume. The wind turbine component maker beat Wall Street expectations in its earnings release Tuesday. The stock has been in a steeply rising channel since its late-October low under $6, and the channel top points to $19.

Carvana

CVNA, -2.54%

which dropped 39 cents to $33.02 on Thursday, has broken down from an ascending wedge within a declining channel off its September top. There’s support at around $29 for shares of the company, which operates an e-commerce platform for buying used cars. If that level doesn’t hold, then the stock could fall to the next support at around $24-$25.

Medifast

MED, +1.75%

which gave back 19 cents to $127.07 on Thursday, has been declining since September in a series of ascending wedges that have failed. Shares of the healthy-living specialty retailer are currently in another ascending wedge near the top of its declining channel, which if it fails could pull back to test the $108 area. The stop would be near last week’s high just under $132.

See Harry’s video chart analysis on these stocks.

The writer has no holdings in 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.

Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.

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