ADES, EGHT, PCYC, SODA - Stock Charts to Watch
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The market was quite ugly on Tuesday. However, there are some stocks still acting well, or consolidating bullishly, so we’re going to take a look at the long side. They’re getting oversold so there may be some sort of snapback in the next couple days.
ADA-ES, Inc. (ADES) had a big breakdown in April, came down and made lower lows, came back up, and then backed off to form a little head-and-shoulder pattern. It formed a big breakaway gap on Monday, and spiked up on Tuesday up 5.37, or 54%. It got up near the gap and backed off earlier on, and on Tuesday it consolidated very quietly on much less volume on an inside day. Look for a move up toward the 16 3/4 level. If that occurs, this stock could get up to the 21 level. That’s our trading target for this stock.
8x8 Inc. (EGHT) had a big move today, running from 3.16 to 3.80, up 62 cents, or almost 20%, on 3.6 million. That’s the heaviest volume since the spike move up in March. Let’s hope it’s more than just a one-day wonder. There’s some resistance at the mid-term channel, but the longer-term channel shows potential for a rise up toward the 5.00 range. We’ll use that as a target once it clears Tuesday’s high at 3.80.
Pharmacyclics Inc. (PCYC) had a big pop on Tuesday, up 74 cents, or 10.5%, on 1.8 million shares. That’s the biggest volume since November. It broke out of a little flag consolidation pattern and reached to the top of the short-term channel. Any extension here and it could take a quick run to 8 1/2 to test the September high. On a longer-term basis it has a double-top going way back, which could result in a move that ultimately could get it into the lower teens on an intermediate basis.
SodaStream International Ltd. (SODA) had a special day on Tuesday, moving into new all time highs in the face of an ugly market. It was up 3.69, or 6.5%, on nearly 2 million shares. That’s the biggest volume in a couple weeks. It had a clean breakout of a wedge to new all time highs. Look for this stock to be in the mid-70s to 80 range. That’s the intermediate target. Short-term target is 66.
Other stocks in our Charts for the Day are Agilysys Inc. (AGYS), Ariad Pharmaceuticals Inc. (ARIA), Accelr8 Technology Corp. (AXK), Magma Design Automation Inc. (LAVA), Nanometrics Incorporated (NANO), Crosstex Energy Inc. (XTXI), Zale Corporation (ZLC).