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.
BVF, HXL, UCTT, WPRT Among Charts to Watch
Biovail Corporation (BVF), a drug delivery company, exploded in June, then formed a beautiful wedge, or coil, broke out, and has been making literally new highs every day. The weekly chart shows this stock has been in a beautiful rising channel for the last couple years, and there's overhead resistance coming up around the 27 1/2 - 28 zone, our initial target. Longer-term target is around the mid 30s. Certainly Biovail looks like it has momentum, volume, and technicals surging.
AMED, DGW, GPN, OII Among Our Boxer Shorts to Watch
Tonight we review some of our Boxer Shorts. Amedisys Inc. (AMED), which continues to get hammered, dropped from the mid 60s down to the low 20s just in the last 3-4 months or so. It may be in an area of long-term support that could bounce this stock back. A rally back towards the 26 3/4 to 28 zone, if it comes on low volume with poor technicals, might make us reconsider shorting it. Duoyuan Global Water Inc.
AEIS, DSTI, PANL, VQ Among Charts to Watch
Advanced Energy Industries, Inc. (AEIS) had a big day today. After the big run up off the lows in the 5 range, when the stock double-bottomed in 2008-09, it ran up to the 17 1/2 area. It dropped sharply in May like many stocks, righted itself, formed a base, and then today exploded 3.19, or 23%, on the heaviest volume in maybe a couple years. This appears to have made a complete turnaround. We have a test of the April high coming up maybe tomorrow at 17.45 or so.
AEIS, DSTI, PANL, VQ Among Charts to Watch
Advanced Energy Industries, Inc. (AEIS) had a big day today. After the big run up off the lows in the 5 range, when the stock double-bottomed in 2008-09, it ran up to the 17 1/2 area. It dropped sharply in May like many stocks, righted itself, formed a base, and then today exploded 3.19, or 23%, on the heaviest volume in maybe a couple years. This appears to have made a complete turnaround. We have a test of the April high coming up maybe tomorrow at 17.45 or so.
ADTN, GNK, IGTE, OVTI Among Charts to Watch
ADTRAN Inc. (ADTN) is a stock I continue to like. The long-term trend has been nothing but up for the last year, although there was a multi-month consolidation that set up a big move that started in February. Another consolidation followed that coiled and set-up the breakout move that we had recently. A beautiful little 5-day flag pattern is being set up that's calling for higher levels.
