Here are four technology stocks with strong technical momentum to watch.
Cree Inc. CREE, +2.71% had a big day Tuesday, exploding up out of a three-year base and gaining 9%, or $3.70, to close at $41.76 on extremely heavy volume of 6.3 million shares traded, more than four times its average volume. The move came with news of the LED product company’s buyout of chipmaker Infineon, a move anticipated to increase revenue and profit margins in its Wolfspeed power and RF division. This is the highest price the stock has seen since September 2014. Next target: $44.
Cypress Semiconductor Corp. CY, +0.17% broke through a double top consolidation pattern, moving up 43 cents and closing at $18.07 on heavy volume of 9.3 million shares traded Tuesday. The company announced that its CFO will present at two investor conferences next week. The stock has gained more than 30% over the past year. Next target: $20.
Hortonworks Inc. HDP, -1.09% broke out of a wedge consolidation pattern and moved up $1.16, closing at $20.11 on heavy volume of 2 million shares traded and no news from the company Tuesday. Shares in the data-management company have fully rebounded since the losses that followed its Feb. 8 earnings announcement. The stock has appreciated over 100% in the past year. Next targets: $22 and $25.
Teladoc Inc. TDOC, +1.38% soared to a new all-time high, picking up $1.50 to close at $43.45 on 1.1 million shares traded Tuesday. The telemedicine stock continues up on the momentum of its March 1 earnings announcement. Short interest of more than 19 times its average volume could add fuel as short-sellers cover their positions on a rally. Long term target: $50.
