ACTG, DAKT, HOGS, ZAGG Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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We want to point out some stocks we follow that have done very well despite the market drop and that could benefit by a market snapback.
Acacia Research Corporation (ACTG) has been consolidating after a nice run up from 2.00 to the mid-teens. The stock then went into a consolidation mode over the last 4 months or so, but today spiked from 13.12 to 15.78, up 2.45, or 18.6%, on the second-biggest volume in the last 5 or 6 months. It looks like potentially this stock could make a move, particularly if it takes out the next lateral line of resistance up around 16 1/4. A move through that area could see the stock reach upwards toward 20, our trading target.
Daktronics Inc. (DAKT) had a significant session today. A nearly two-year coiling base pattern was resolved today with an explosion that saw the stock jump 17%, or 1.34, from 7.98 to as high as 9.30 today, closing at 9.16. It was certainly the biggest volume in awhile. This may be the breakout we were looking for on this stock, and at this point I'm looking for a move to test the early Jan 2009 highs up around the 10 3/4 range, my initial trading target. Target beyond that is around 13.
Zhongpin, Inc. (HOGS), which is a Chinese meat producer, had a terrific run recently, coiled, began to breakout yesterday, and followed through nicely today. The stock could be on its way to test the 16 1/2 level short-term. A breakout above that and you could see a key double-top from Oct and Jan of last year and this year. The top of the long-term channel calls for a move to 21, our secondary trading target after our initial target of around 18 1/2.
ZAGG Incorporated (ZAGG), which had a terrific session today, exploded from 2.79 to 3.80, closing at 3.70, up 60 cents, or 19%. More importantly, if you take a look at the pattern you'll see that it broke out above a one-year base pattern. Secondary resistance up around 4 1/2 should be tested short-term. Intermediate target is around 6 1/2.
Other stocks highlighted on Charts of the Day are Direxion Daily Large Cap Bear 3X Shares (BGZ), Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), Direxion Daily Financial Bear 3X Shares (FAZ), Craft Brewers Alliance, Inc. (HOOK), HSW International, Inc. (HSWI), Isilon Systems, Inc. (ISLN), Radcom Ltd. (RDCM), Radware Ltd. (RDWR), Rare Element Resources Ltd. (REE), RF Micro Devices Inc. (RFMD), Direxion Daily Small Cap Bear 3X Shares (TZA).
