By Harry Boxer
Biotech stocks have some company with gold miners and technology in our top charts to watch on Wednesday.
Dynavax Technologies Corp. /zigman2/quotes/203017054/composite DVAX +0.18% rose 50 cents to close at $18.45 on light volume of 1.4 million shares traded Tuesday. Despite lower volume, it is notable that the immunotherapy stock had the highest close since the stock’s spike up on Aug. 8. Price may reach that $19.50-.$19.60 level as early as this week. The stock has nearly doubled since July 27. The short-term target is $22, with $24 in the longer term.
Direxion Daily Jr Gold Miners Bull 3X ETF /zigman2/quotes/206469803/composite JNUG -9.89% rocketed higher by $2.11, or 9.2%, to close at $25.04 on 13 million shares traded Tuesday. Price has broken above the lateral resistance level from its four-month basing pattern as well as above the longer-term down-channel since last August. The leveraged stock has gained 64% since July 7. The next target is the $30-$31 zone.
Kopin Corp. /zigman2/quotes/203584478/composite KOPN -0.71% jumped to its highest level in four months. The wearable technology stock gained 3 cents and closed at $4.02 on heavy volume of 1.5 million shares traded and no news. If price can persist in this zone and exceed the $4.25 level, we may see the stock gain significant momentum and head for the $6 level. Short interest of 11.3 times its average volume could fuel the move as shorts cover on a rally.
Puma Biotechnology Inc. /zigman2/quotes/206852195/composite PBYI +5.91% went up $2.90, or 3%, to close at $96.85 on 885,500 shares traded. Price broke out of a three-day bull flag consolidation with an engulfing price bar on no news. The prior high from July 28 was $97.60, so there is resistance in the present zone. But continued movement up could take the stock to $110 or more. The stock has gained 230% since May 8.
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.