ADTN, GNK, IGTE, OVTI Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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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. There is some resistance at around 33 1/2, but my trading target is going to be around 38 at the lateral price resistance at the top of the channel.
Genco Shipping & Trading Ltd. (GNK) is my favorite shipping stock, with the industry perhaps is turning around. It had a nice price-volume thrust today on the heaviest volume in about 2 months. This stock ran $1.59, or nearly 10%, closing above its 50-day moving average, right at the top of the lateral price resistance zone. Any follow-through here could get this one moving. Short-term resistance beyond that around 20, but I'm looking for a move to 22 1/2, or perhaps as high as 24 1/2 on this next potential swing trade.
iGATE Corporation (IGTE) had a terrific pop today, up 1.10, or 6.8%, on strong volume. But more importantly technicals surged, as the stock broke out of a 3-day little flag. It's at a multi-year high, reaching the highest level since 2000. This stock looks like it could accelerate from this point, and I'll set a trading target around 23 – 24.
OmniVision Technologies Inc. (OVTI) also had a nice reversal, from 20.65 to 22.22, just 7 cents off its high today. It traded 2 3/4 million shares today, the heaviest volume in several days. But more importantly key 7–8 week support has held. I'm looking for a move up towards 24 1/4 to test that zone, and then a follow-through move that takes it up 26, my short-term trading target. Intermediate target is $30.
Other stocks highlighted on Harry's Charts of the Day are Cirrus Logic Inc. (CRUS), China TransInfo Technology Corp. (CTFO), Harley-Davidson, Inc. (HOG), IDT Corporation (IDT), L & L Energy, Inc. (LLEN), Power-One Inc. (PWER), Trina Solar Ltd. (TSL).
