The following stocks gapped up significantly at the open on March 22: Huaneng Power International Inc, Direxion Daily Financial Bear 3X Shares, Amarin Corporation plc, GameStop Corp, and Western Digital Corp. These stocks may be up because of positive overnight news, overall market bullishness, or increased speculation. Oftentimes stocks will close the gap, meaning they will retrace to the last day's high. Thus, gap ups are often good selling opportunities but in some cases, watch for the stock to continue higher.
Shares of Huaneng Power International Inc (HNP) opened higher by 2.77% and are currently trading at $23.0. In the past year, the shares have traded as low as $15.45 and as high as $26.31. On average, 134140 shares of HNP exchange hands on a given day and today's volume is recorded at 33571. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $24.47 represents resistance and the 200-day moving average of $20.52 would be an area of support.
Shares of Direxion Daily Financial Bear 3X Shares (FAZ) opened higher by 2.7% and are currently trading at $21.37. In the past year, the shares have traded as low as $20.11 and as high as $81.50. On average, 16667300 shares of FAZ exchange hands on a given day and today's volume is recorded at 3352982. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $26.63 area but be careful because the stock may face selling pressure at this level.
Shares of Amarin Corporation plc (AMRN) opened higher by 2.43% and are currently trading at $12.11. In the past year, the shares have traded as low as $5.99 and as high as $19.87. On average, 4122890 shares of AMRN exchange hands on a given day and today's volume is recorded at 936975. The shares are currently trading above the 200-day moving average which indicates that the shares have been subject to upward momentum. The 200 DMA is above the 50 DMA which indicates that the stock has likely taken a dip in the shorter term. The stock may eventually drop to test the 200-day moving average where buyers may be lurking near the $9.91 area.
Shares of GameStop Corp (GME) opened higher by 2.31% and are currently trading at $25.63. In the past year, the shares have traded as low as $18.22 and as high as $28.47. On average, 3325090 shares of GME exchange hands on a given day and today's volume is recorded at 1006345. The shares are currently trading above the 200-day moving average which indicates that the shares have been subject to upward momentum. The 200 DMA is above the 50 DMA which indicates that the stock has likely taken a dip in the shorter term. The stock may eventually drop to test the 200-day moving average where buyers may be lurking near the $23.84 area.
Shares of Western Digital Corp (WDC) opened higher by 2.31% and are currently trading at $40.24. In the past year, the shares have traded as low as $22.64 and as high as $41.87. On average, 3783550 shares of WDC exchange hands on a given day and today's volume is recorded at 859940. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $37.87 area where the stock will likely see buying pressure.
