Opinion: 4 charts to watch as tech stocks rebound – MarketWatch

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Earnings and other news are powering these four stocks, which have strong technical momentum.

CymaBay Therapeutics Inc. CBAY, +0.44% reached a new all-time high of $13.79 Tuesday before ending the session up 10%, or $1.25, at $13.50 on very heavy volume of 2.6 million shares traded. The move broke the stock out a bull wedge consolidation, and came as the clinical-stage biopharma company, which focuses on developing therapies for liver and other chronic diseases, participated in an investors conference in New York. Next target: $16.

Mimecast Ltd. MIME, -0.57% soared to a new record high of $35.05 intraday Tuesday before closing up $1.02 at $34.24 on extremely heavy volume of 1.3 million shares traded — more than four times average volume. On Monday the London-based data-security company reported earnings that topped Wall Street expectations, and on Tuesday it announced it has moved its North American headquarters to a larger office to accommodate rapid business growth. Next target: $38.

Just in time for Valentine’s Day, Match Group Inc. MTCH, +4.24% shot up to a new all-time high of $39.60 Tuesday, gaining $1.61 on heavy volume of 3.5 million shares traded. The digital-dating company announced positive earnings results last week. Take heed that the stock’s run up is already extended, but momentum is very high and price could run into the low $40s in the near term. Short interest of more than 17 times its average volume could fuel the move as short-sellers cover on a rally.

Twitter Inc. TWTR, -0.21% ran up 8% Tuesday, closing at $33.44 on heavy volume of 57.6 million shares traded. Price has held support above $30, above the gap formed last week by the explosive trade following the company’s strong earnings announcement. And not only that: Price support has held at the top of the prior price channel, which is very bullish. Next targets: $35 and $38.

See Harry’s video-chart analysis on these stocks.

The writer has no holdings in any securities mentioned.

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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