Technology and biotechnology stocks once again top our list of momentum charts to watch. Achaogen Inc. AKAO, -2.26% had an important snapback session on Tuesday, gaining $2.12, or 9.7%, to $23.90 on over 2 million shares traded. The move came on news that venture capitalist Robert Duggan disclosed a 5.7% stake in the late-stage biopharmaceutical company. Volume was the strongest on an up-day all year, and the stock has now bounced off rising trendline support after a 10-day pullback from the top of the channel to the bottom. If the stock can get through resistance, which is now up around Tuesdays high at $24.46, it could challenge recent highs around $26.75-$27.75 on the way to the top of the channel at over $30. Cara Therapeutics Inc. CARA, -7.36% had a nice follow-through on Tuesday, jumping 94 cents, or 5%, to $19.09, on 7.6 million shares traded. The biotech company reported positive results in a trial of a treatment for uremic pruritus, or UP. The stock reached $20.24 intraday, the highest its been since September 2015. It came down in the afternoon and didnt close great, but from the standpoint of the daily pattern as well technicals and volume, the stock … Continue reading
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