AMD, NEON, RVLT, YRCW - Stock Charts to Watch
It was another up-day on Wall Street on Tuesday, and the market just keeps chugging along. It hasn’t broken yet, so we’ll stay on the long side for now.
Advanced Micro Devices, Inc. (AMD) has a very interesting chart. It had a long downtrend during most of 2012, going from the 8.25 level all the way down to under 2.00. After popping back in the early part of the year, then pulling back to set up a nice base, it had a strong surge, taking it from about the 2 1/4 range up to nearly 4 1/2, doubling in just a matter of weeks. It formed a coil over the last 8 weeks. The 50-day moving average is rising up to meet price resistance, and it's the time that this stock needs to make a move. If it surges, taking it to the 4.39-.40 area, then it’s off to the races, possibly a move to 5 3/4 short-term, and then perhaps 6 1/4 intermediate-term.
Neonode, Inc. (NEON) also has an interesting pattern as the chart shows it swinging back and forth. But in the last year, it spiked down to 3 1/4, and to-date it’s doubled. In particular, it had a falling wedge, or coiling-type pattern, that broke out about a week and a half ago. That was followed by a very tight little pennant, volume receded, but the moving averages crossed over and moved up. Then on Tuesday, a big spike took place, up 48 cents, or 8%, on 1 million shares. That’s the biggest volume since March. The overall structure indicates that it may be headed to the spike high around 7.40 short-term, followed by a test of the top of the channel around 8 1/2 intermediate-term. It also looks like a potential swing trade, which we will be keeping a close eye on Wednesday.
Revolution Lighting Technologies, Inc. (RVLT) looks like it’s about to make a big move. It popped in early May, consolidated sideways along the moving averages, touched the trendline, and at this point, the coiling pattern the last couple days is turned up. If it runs up, the first target is set at 4.12, and the second target is around 4.58. Beyond that, look for targets of 6-6 1/4, and then 8.
YRC Worldwide Inc. (YRCW) continues to astound, and on Tuesday, it was up 4.29, or 13.7%, on nearly a million shares. That’s the biggest volume in five sessions. Look for more upside. This stock is headed to the top of the channel at 39-40, maybe higher.
Other stocks on Harry’s Charts of the Day are Inovio Pharmaceuticals, Inc. (INO), Nu Skin Enterprises Inc. (NUS), Perion Network Ltd (PERI), TearLab Corporation (TEAR), Yelp, Inc. (YELP), YY Inc. (YY), and Zoltek Companies Inc. (ZOLT).