ACTG, BVF, NANO Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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There are still a lot of bullish charts out there, so let’s take a look at some of them.
Acacia Research Corporation (ACTG), which we talked about yesterday, had a bit of a follow-through today. Right now it’s at the top of the key trading range for the last four months. A price-volume surge that takes it through the 16.40 area could lead to the top of the long-term channel around the 20-21 zone. So, we’ll set that as our trading target.
Biovail Corporation (BVF) certainly had a big thrust in June, and has moved in a steady rising bullish channel since then. In the last 3 weeks it’s consolidated very nicely in a coil-type formation. Today it edged up from 21.98 to 22.81, and closed just a dime off the high, up 40 cents. More importantly, it may be emerging out of this coil, which could lead to a run that takes it up towards 25-25 1/2, my short-term trading target.
Nanometrics Incorporated (NANO) broke out of a basing pattern on a big price-volume surge, formed a flag, held support, broke out and formed another flag where we’re at right now. Secondary key overhead resistance in the 14 1/4–1/2 area is being tested. It that’s taken out look for a move to 17, my short-term trading target.
Other charts highlighted on Charts of the Day are ARM Holdings PLC (ARMH), Arena Pharmaceuticals, Inc. (ARNA), Informatica Corporation (INFA), McMoRan Exploration Co. (MMR), VeriFone Systems, Inc (PAY).
