ACHN, IPGP, LQDT, GLNG Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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Since the market trend was still strong to the upside on Tuesday, we’re going to go over some of the news stocks that are trending and thrusting, and appear to be pretty strong. So, let’s take a look at what we have here.
Achillion Pharmaceuticals, Inc. (ACHN) has been in an up-channel for the last three and a half years, and the key to Tuesday’s action was that it broke through July highs with a thrust and breakaway gap on big volume. This stock appears to be just breaking out here, up 3.98 to 11.90, or 22%, on 6.8 million shares. Going back several years on the long-term chart, it shows that the all-time high came in the post-IPO period in 2007 when it was up around the 20-range. That could be a target for this stock now, although, there may be some resistance. If it does blow through there, it could test the 20-range, and beyond that, we’ll just see what happens short-term.
IPG Photonics Corporation (IPGP) exploded midday, and ran from 29 to nearly 48 to the declining topsline, and backed off just a tad, but there’s resistance here. If it gets through this zone, look for a move up into the mid-to-high 50’s short-term, but for starters, let’s see if it pulls back to retest the consolidation in this zone. Nevertheless, it had bid day, up 8.01 to 47.43, or 20%, 3 million shares traded.
Liquidity Services, Inc. (LQDT) had a big move today. The long-term channel is a beauty here, and it’s at the top of the channel. The trend over the last four or five weeks popped on Tuesday, up 2.05 to 40.24, or 5.3%, on 423,000 shares. Look for a test of this stock up around 42.50 short-term, and if it gets through that, possibly it will spike up into the high 40’s.
Golar LNG Ltd. (GLNG) with more all-time new highs on Tuesday, up 1.02 to 47.57, or 2%. If it continues to trend, look for something up towards the 50 - 52 area on Golar.
Other stocks in our Charts for the Day are Idenix Pharmaceuticals Inc. (IDIX), VOXX International Corporation (VOXX), Cirrus Logic, Inc. (CRUS), Cobalt International Energy, Inc. (CIE), Life Technologies Corporation, VocalTec Communications Ltd. (CALL), JetBlue Airways Corporation (JBLU), Pharmacyclics Inc. (PCYC), Gilead Sciences Inc. (GILD), BroadVision, Inc. (BVSN), Spectrum Pharmaceuticals, Inc. (SPPI).
