AOE, ELLI, CRR, UPS - Stock Charts to Watch
It was a strange market on Wednesday, saved by Apple Inc. (AAPL) for the most part, with the NDX up and the S&P 500 squeaking into the plus column. The Dow, however, did not make it back into green territory. The market closed mixed on the session, and we’re not sure we won’t see more downside here. That remains to be seen. In any case, let’s take a look at some of the stocks that did well today.
American Eagle Outfitters, Inc. (AEO) has been consolidating since its spike up in May. On Wednesday, it was up 1.30 to 22.13, or 6 1/4%, on 12.6 million shares. That’s big volume for this stock. Looking at the longer-term chart, it shows a beautiful rising channel, which is calling for a move around 25 1/2 – 26, which is the next target.
Ellie Mae, Inc. (ELLI) had a run up to the top of the channel, and then went down into a very sharp dip for two days. On Wednesday, it snapped back 2.06 to 26.00, or 8.6%, on 1.6 million shares. That was good volume for this stock. Now we’ll have to wait and see whether this stock will be able to retest the highs, and /or take them out. There’s plenty of resistance in that area. They may need to consolidate for a while.
Stocks on the Short Side…
CARBO Ceramics Inc. (CRR) has a large wedge forming. It broke out, moved back up to resistance, and if it rolls over now, this stock may move into the mid-50’s. It’s at 70.97 right now, so that’s a big drop for CRR.
United Parcel Service, Inc. (UPS) has broken a major rising channel, and bounced back in a rising wedge formation. It could not get above moving averages, and started to back off a little bit. It was actually up 24 cents to 76.14, on 2.1 million shares, but if this stock rolls over, it could come down and test the 72 – 74 zone, and then below that, it could get down to around the 70 area.
Other stocks in our Charts for the Day are Chico's FAS Inc. (CHS), Cornerstone OnDemand, Inc. (CSOD), Key Tronic Corp. (KTCC), Cheniere Energy, Inc. (LNG), and PDF Solutions Inc. (PDFS), Qihoo 360 Technology Co. Ltd (QIHU).
Stocks on the short side include Acacia Research Corporation (ACTG), Big Lots Inc. (BIG), Buffalo Wild Wings Inc. (BWLD), CEC Entertainment Inc. (CEC), Diebold, Incorporated (DBD), FARO Technologies Inc. (FARO), FirstEnergy Corp (FE), World Fuel Services Corp. (INT), and TripAdvisor Inc. (TRIP).