APKT, ARBA, ARMH Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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Acme Packet, Inc. (APKT), one of our recent favorites, has been moving up nicely from the February gap, and has run steadily from the 11 1/2 area up to the 30 area. Over the last couple weeks you'll see that the stock has pulled back in an orderly fashion holding the major trendline and 50-day moving average as well. Today the stock snapped back 1.89 or 7%. It appears the consolidation period may be over or could be headed higher. Top of the channel calls for a run to take this stock to 35, which is our trading target once it gets over the 30-30 1/4 area.
Ariba (ARBA), in a similar mode, has been moving up steadily in a beautiful rising channel for the last year and a half. The recent pullback tested its April-June double top and the stock snapped back today, another 91 cents, up 5.7%. This looks like this also may be embarking on a new phase that should take it to a quick test of the 18 area, and a move up toward the low 20s intermediate-term may be doable.
ARM Holdings PLC (ARMH), up 74 cents or 6% today, is coming out of a 3-week flag pattern that held the moving averages and this gap here that was created in June when the stock popped. Top of the channel calls for a run up towards 14 1/2, and that may be done shortly. There's a lateral price resistance up around the 16 1/2 range, our short-term trading target.
Avanir Pharmaceuticals (AVNR) has been very strong of late, but after the February-April run it pulled back, bounced, backed off, broke out 3 days ago, backed off yesterday, but today came on again, up another 19 cents or 6.3%. There's a double top around the 3.40-45 area that, if taken out, should lead to my next trading target up around the 4 1/2 area.
Other charts highlighted on Harry's Charts of the Day are Cirrus Logic Inc. (CRUS), Entropic Communications, Inc. (ENTR), IDT Corporation (IDT), L & L Energy, Inc. (LLEN), Micrus Endovascular Corp. (MEND), Neurocrine Biosciences Inc. (NBIX), Netlist Inc. (NLST), OmniVision Technologies Inc. (OVTI), Power-One Inc. (PWER), Tibco Software Inc. (TIBX), and Venoco, Inc. (VQ).
