AOSL, ELLI, FSLR, S - Stock Charts to Watch
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The stock market had another interesting day. The long side is looking pretty good, and we have quite a few ideas in stocks that have moved, so let’s take a look at them.
Alpha & Omega Semiconductor, Ltd. (AOSL) had a good day on Wednesday. It made a move across the line above the quadruple top that went from February to August, with a big thrust after it came down early to the 7.95 area, and then exploded on Wednesday to 10.45, and backed off to 10.34, up 1.63, or 18.7%. The volume was 350,000 shares, which doesn’t sound like a lot, but it’s the second heaviest volume all year for this stock. Despite the fact that it broke out on Wednesday, keep tabs on this one, because if it gets through this zone, you could see a move that takes it up toward 14 pretty quickly.
Ellie Mae, Inc. (ELLI), a swing trade of ours, had a nice day on Wednesday. It broke out of a flag or coil that it was in, jumping 1.17 to 26.98, or 4.5%, on 554,000 shares. More than likely, it’s on its way up toward the top of the channel, which could get it up toward 30 short-term.
First Solar, Inc. (FSLR) has been acting well since it broke out and ran up toward the declining topsline. The bottom line has been holding for two days right near there, but on Wednesday, it snapped back 1.07 to 21.10, or 5.34%, on 5.1 million shares. It may very well have bottomed on Wednesday, and could run up to the next objective at 23 3/4, followed by 27-27 1/2. Those are the key targets for First Solar.
Sprint Nextel Corp. (S) has had a big run. It has a base that goes back a long way, then a breakout in June, but the big volume came around when it popped to about 4.00. Since then it’s moved up to 5.49 in the last month or so, and accelerated to the top of the channel on Wednesday, closing up only 40 cents to 5.39, or 8%. The volume on this one was a whopping 138 million shares. The new target is up around the 6-61/2 zone short-term so keep an eye on this one.
Other stocks in our Charts for the Day are Array BioPharma, Inc. (ARRY), Cellcom Israel Ltd. (CEL), 8x8 Inc. (EGHT), InvenSense, Inc. (INVN), JDS Uniphase Corporation (JDSU), Movado Group, Inc. (MOV), Nanosphere, Inc. (NSPH), MetroPCS Communications, Inc. (PCS), and Constellation Brands Inc. (STZ).