Charts of the Day
Charts of the Day, published each evening Monday through Thursday, features technical analyst Harry Boxer's video chart analysis on key stocks in play.
ZNGA, AMLN, YOKU, RAX Among Charts to Watch
Despite the fact that the market had its ups and downs on Thursday, there were a lot of stocks that we follow that did very well, so we’ll go over some of those. Zynga Inc. (ZNGA), the new IPO for Facebook registering, has been taking off for the last few days. It has gone from about 9.40 up to 12.91. On Thursday, it had a big day, popping 1.79, or 17%, on 59 million shares, and is not above the IPO day’s high, which is around 11.45 - 11.50 area. It may get some extension up around the 14-range.
KTCC, MDVN, STX, BVSN Among Charts to Watch
The market had another wonderful day on Wednesday. It was one of the better trading days this year at TheTechTrader.com. There’s a lot of stocks on the long side that are still doing fantastic. Key Tronic Corporation (KTCC) absolutely went ballistic on Wednesday, up 2.71 to 8.95, or 43.43%, on 1.5 million shares, which is 1000% increase in volume. It has multi-year highs here. Going all the way back to 1996, it has a 16-year high, a massive head-and-shoulder, a light bottom.
REE, PRXL, CALL, WPRT Among Charts to Watch
As the month of January ends, this has been the best performance in fifteen years, or since 1997. It’s a great way to start the year. What is said about January is that it often tells you about the forthcoming year. Both Monday and Tuesday, the market has been mixed, and may have been distribution days. This is where you need to be careful. A lot of stocks have run up, and at least need to pullback and digest.
GTXI, MELA, UBNT, PRGS Among Charts to Watch
We’re going to cover longs and shorts. The market doesn’t seem ready yet, but it may be very close. Until it breaks down, there’s no reason to anticipate the short side. GTX Inc. (GTXI) had a significant price-volume surge on Monday. It took out a couple resistant levels, with a thrust up 1.94 to 4.88, or 49%, on 6.36 million shares. That’s huge volume for that stock. There is resistance around the June high around 6.86, and another resistance level at 7 1/2.
RNWK, ACAT, PMTC, STMP Among Charts to Watch
We’re going to go over some longs that looked really good on Thursday. RealNetworks, Inc. (RNWK) went into an agreement with Intel Corporation (INTC) to pay RealNetworks for video software and a large number of patents. On Thursday, their stock jumped 2.54 to 9.89, or 35 1/2%, on 1.7 billion shares. They got right up to resistance, backed away, and if it gets through resistance at 10.20, it could run up into the 12-range. Arctic Cat Inc. (ACAT) with big earnings on Thursday, exploded 4.