Folks, it was a mixed consolidation day, but a lot of stocks we follow continue to do well, some actually broke out. Let’s take a look at a few of the longs we like or acted well on Thursday.
Ambarella Inc (NASDAQ:AMBA), a recent swing trade idea, came down, formed a nice base, broke out and surged in May, consolidated from early June, formed a big flag-type pattern, and then on Wednesday it popped, and followed through on Thursday, up 1.20 to 52.23, or 2.35%, on 778,082 shares traded. I would like to see AMBA get through the near-term target in the 54 range. If it gets through that, look for it to run up to 60, maybe 65. It has 6.6 days to cover.
Gigamon Inc (NYSE:GIMO) is a swing trade that is acting well. It popped and broke out in May, pulled back in a nice pullback wedge, and held support in the highs 20’s. Since then it has gone up to 39, almost 40 on Thursday, up 1.20 to 39.27, or 4.22%, on nearly a million shares. The all-time high for GIMO came in at 41.81. I think it’s headed to that area. It has 3.7 days to cover.
Medivation Inc (NASDAQ:MDVN) looks like it’s preparing for an explosive move. On Thursday, it was up 41 cents to 62.74, on 1.3 million shares, and consolidated on low volume. Low volume and a pullback is causing a little flag. If it gets above 63, and it got up to 62.98, it may very well start to run again into the high 60’s for starters.
NVIDIA Corporation (NASDAQ:NVDA) is a swing trade of ours. It has four waves up, and the consolidation leads me to believe it may be headed to 55. On Thursday it was up 1.24 to 48.89, or 2.6%, on 9.8 million shares. Thursday’s action tells me that it may have already started the move, which could take it up 6 or 7 points. It has 4.94 days to cover.
Stocks on the long side included Ambarella, Inc. (AMBA), Aqua Metals Inc (NASDAQ:AQMS), Anavex Life Sciences Corp (NASDAQ:AVXL), Biostar Pharmaceuticals Inc (NASDAQ:BSPM), Gigamon Inc. (GIMO), SemiLEDS Corporation (NASDAQ:LEDS), Medivation, Inc. (MDVN), NVIDIA Corporation (NVDA), Progenics Pharmaceuticals Inc (NASDAQ:PGNX), Stone Energy Corp (NYSE:SGY), Silicon Motion Technology (NASDAQ:SIMO), Sodastream International Ltd (NASDAQ:SODA), TASER International Inc (NASDAQ:TASR), and Weibo Corp (NASDAQ:WB).