ARMH, JBL, LTBR, QCOR Among Our Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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I want to point out some stocks that are acting very well in this declining market.
ARM Holdings PLC (ARMH) has been in a strong rising channel for about that last year and a half, taking it from a little over 3 to just under 13. But in the last few days with the market falling back, this stock has held pretty well in about a 6-day bull flag. If we can get a break out on volume here, we can see this stock quickly getting up to the 14-14 1/2 area. More importantly on a longer-term basis, this stock projects to at least test its lateral resistance up around 18.
Jabil Circuit Inc. (JBL) had a big day today. The declining topsline was taken out over the last three months. A mini inverse head-and-shoulder pattern was broken through as well as the declining topsline and 50-day moving averages on strong volume of 17.7 million shares. Potentially a breakout day. I’m looking for a move up towards the 18 level to test overhead resistance at the two major tops. If it breaks through that we can see this stock trading in the low 20s.
Lightbridge Corporation (LTBR) had a spectacular session today, exploding from under 6 to 9.49, up 3.58 or 60% today on the biggest volume in its history, according to my records. Over the last 4 or 5 years, this stock has had three major significant tops, all around 13-13 1/4. It appears to me that with this stock up in the after hours, we could get an additional price move to test that 12 - 13 zone, our short-term trading target.
Questcor Pharmaceuticals, Inc. (QCOR), after breaking out a few days ago, has pulled back very gently on low volume and good technicals. It is also acting well, with the overall pattern looking very bullish. It’s broken out of the base, broken out of key overhead resistance at the 9 1/4 – 9 1/2 zone and made it up to 11.62 before backing. I believe we’re looking at a potential 14 – 15 dollar stock, maybe as high as the high teens on an intermediate basis.
Other stocks on featured tonight are ArcSight, Inc. (ARST), GlobalScape Inc. (GSB), L & L Energy, Inc. (LLEN), OmniVision Technologies Inc. (OVTI), Polypore International Inc. (PPO), Research Frontiers Inc. (REFR), Rexahn Pharmaceuticals, Inc. (RNN).
