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Here are three stocks with strong technical momentum that are moving on news.
Dynatrace DT, +1.47% jumped $1.32 to $31 on 4.2 million shares Wednesday, about 2 1/2 times its average volume. The enterprise-software producer reported third-quarter earnings and revenue yesterday that beat Wall Street estimates. The stock has been in a rising channel since its October lows near $17, and recently broke out of a declining wedge ahead of Wednesday’s pop to new highs. Watch for a move toward the channel top in the $34-35 range.
PG&E PCG, -2.09% climbed 10 cents to $15.05 on 14.4 million shares Wednesday. The utility company announced it secured more than two-thirds support for a noteholder restructuring support agreement in its chapter 11 proceedings. The stock has been steadily climbing since its spike low into the mid-$3s in late October, and the top of the rising channel points to $19 next.
Penn National Gaming PENN, +5.99% popped $2.81 to $29.02 on 12.5 million shares, more than eight times its average volume. The move followed news the casino operator has agreed to buy a stake in publisher Barstool Sports for $163 million. The stock is near the top of the rising channel off its low below $17 in August, with Wednesday’s move breaking it out of a month-long consolidation. It may be a bit short-term extended here, but the next targets are $33 and then the $36 level, last reached in July 2018.
See Harry’s video chart analysis on these stocks.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations. He doesn’t own any stocks mentioned in this article.
