BEAT, DANG, MLNX, YRCW - Stock Charts to Watch
It was a nice snapback day on Wall Street on Tuesday and it closed decently. Quite a few of the stocks we follow did well. So we'll take a look at a few of those.
CardioNet, Inc. (BEAT) had a pretty good day, closing at 5.86, up 53 cents, or 10%. It has a very long-line pattern and a tightening coil, it popped, consolidated for four days, and then the real volume came in at the breakaway gap. At the time we were looking for 6 1/2-3/4, and it was at 6.33, and it pulled back down. The last few sessions it had a kind of pullback-channel, and on Tuesday, it snapped back again. The volume was 865,900, which wasn’t great, but maybe it will pick up as it approaches a retest of the 6.33 area. The short-term target is 7.
E-Commerce China Dangdang Inc. (DANG) had a really nice, strong snapback, up 87 cents, or 14%, on 4 million shares. It closed only a dime or so off the high and was a very nice close. Watch to see if it gets any follow-through. The resistance up around 81/4 area is the first target. We’ll see what happens after that. Keep the stops under Monday’s close under 6.00. There is some support near the 5.60 area. Hate to see that happen, but if it does be careful.
Mellanox Technologies, Ltd. (MLNX) has an interesting pattern developing. It has a big major declining topsline, a spike low in Jan, a run up, a rollover breaking support, and then it stair-stepped its way lower. It spike down on Monday, retested the low, and then gapped up on Tuesday, up 4.85, or 11%, on 1.8 million shares. That’s the biggest volume in about 8 sessions. It did not break the declining topsline. So be watching to see if it does that on Wednesday. If it does so, the immediate target is 51 1/2. If it gets through resistance at 52 1/2, then it will fly to the high 50’s.
YRC Worldwide Inc. (YRCW) is looking pretty powerful. The explosive breakaway gap, followed by a mini wedge, followed through with a larger wedge. It broke out, retested the high, and backed off to test the trendline and 21-day moving average, only to spike 3.42, or 15%, on 1 million shares. That’s the best volume in 5 weeks. Watch for this to follow through, and if it does, the target is at 36.
Other stocks on Harry’s Charts of the Day are Celldex Therapeutics, Inc. (CLDX), Neutral Tandem, Inc. (IQNT), SolarCity Corporation (SCTY), SunPower Corporation (SPWR), SunEdison, Inc. (SUNE), and The ExOne Company (XONE).