BGS, GLBC, MAKO, REDF - Stock Charts to Watch
It was a big day in the market on Tuesday. A lot of stocks started to run and broke out. Some of the stocks that were backing off reversed. It may have been a significant day for the market as it could get a little thrust to the upside. We’ll see if we get a follow-through.
B&G Foods Inc. (BGS) had a 90-day consolidation, it broke out of that, paused a little bit on Monday on low volume, and then on Tuesday it popped 1.01, or 5.2%, on 800,000 shares. It looks like it’s moving here and could get a move up. Short-term target is set at 22 1/2 - 23.
Global Crossing Ltd. (GLBC) was acting very well on Tuesday, and may have made a significant move as the entire 4-week wedging, or coiling, pattern, after reversing of the trend line on Tuesday, and closing with a gain for the day, followed through with 2.09 to 35.88, or 6%. It looks like it may take out the highs, and if it does, look for a move that takes this into the mid 40s, something around 44. That’s a 10-point move from Tuesday’s close.
MAKO Surgical Corp. (MAKO) finally pulled back from the mid 30s to the mid 20s over the last month. On Tuesday it popped 2.45 to 29.55, or 9%. Volume increased. At this point if it can get to lateral price resistance around 30 1/2-3/4 look for a retest at the 35 level. Secondary target is set at 41 - 42.
Rediff.com India Ltd. (REDF) may possibly have had a significant day on Tuesday. After the lengthy, nearly 2-month consolidation, this stock bounced on Tuesday off the long-term channel bottom, up 1.04 to 8.55, or 13.7%. It had a pick up in volume, not tremendously so, but nearly 3 million shares. Now it’s job is to get through the 9.75-85 area. If it gets through that, look for the target that had been set at 11 1/2. Secondary target is 14. Rediff may be on its way again.
Other stocks in our Charts for the Day are Affymetrix Inc. (AFFX), Agilysys Inc. (AGYS), Adventrx Pharmaceuticals, Inc. (ANX), Ariad Pharmaceuticals Inc. (ARIA), 8x8 Inc. (EGHT), Elan Corp. plc (ELN), Entegris, Inc. (ENTG), Forest Laboratories Inc. (FRX), Coffee Holding Co.Inc. (JVA), Magma Design Automation Inc. (LAVA), Ocz Technology Group Inc. (OCZ), Oncothyreon Inc (ONTY), GT Solar International, Inc. (SOLR), VirnetX Holding Corp (VHC), ValueVision Media Inc. (VVTV), Express-1 Expedited Solutions Inc (XPO), ZAGG Incorporated (ZAGG).