ANIK, ELLI, GPS, MDAS - Stock Charts to Watch
Be alerted when Harry posts an article
Even though it was a negative day on Wall Street on Thursday, we had a lot of stocks that did very well. We are going to take a look at some of those, most of which are point-plus gainers, and see what might be in store for them in coming days.
Anika Therapeutics Inc. (ANIK) has had a beautiful run up, triggered by a breakaway gap back in October 2011. It moved up quick nicely from November to May, and then it got hit, taking it into a long consolidation for three months. On Thursday, it exploded through the moving average and price resistance to closing at the upper end of the range, up 3.32 to 15.11, or 28%, on 556,000 shares, which was the second best volume day all year. It could very well move up into the 17 1/2 level short-term, and then beyond that, look for something up around 19 – 20.
Ellie Mae, Inc. (ELLI) had a spectacular day on earnings on Thursday. This stock exploded at the upper end of the range, up 5.38 to 24.83, or 27.66%, on 2.4 million shares. The only thing negative about Thursday’s action is just the fact that it’s overbought. Lateral price resistance was taken out with a thrust and a gap. If it has a follow-through, look for something up around the top of the channel in the 26 area, potentially.
Gap Inc. (GPS) had a good da as well on Thursday. It has a big head-and-shoulders-type base, a breakaway gap, a move to resistance, a pullback, and then a plunge through resistance, moving up along the top of the channel, and then it backed off and went back down to test the channel bottom. It moved back up to test, and on Thursday, on earnings, it popped 3.75 to 33.17, or 12.75%, on 20.8 million shares. It looks like it’s headed to 36 short-term, and then to the top of the channel.
MedAssets, Inc. (MDAS) also had a nice day on Thursday, up 3.56 to 15.41, or 20%, on 3.3 million shares. It spiked up to resistance, couldn’t get through, and backed off to test moving average and price support, and then on Thursday, it spiked again. It looks like this stock may have some momentum, so look for a test of the 16 1/4-1/2 range short-term, and if it gets through that, look for something up around 20 – 21 intermediate-term.
Other stocks in our Charts for the Day are Cambrex Corporation (CBM), 8x8 Inc. (EGHT), Gilead Sciences Inc. (GILD), (HCII), H&E Equipment Services Inc. (HEES), Mitek Systems Inc. (MITK), Nationstar Mortgage Holdings Inc. (NSM), Smart Balance, Inc (SMBL), and Wizzard Software Corporation (WZE).