CAGC, HOOK, ISLN and WCRX Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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Even though the market may be headed lower, there are still a lot of stocks with strong-looking patterns that I think will still do well, and which we cover in this Charts of the Day video.
China Agritech Inc. (CAGC) is in a good posture, with a nice base, breakout, pullback, and another pullback that's in a tightly rising channel. Today it was up 21 cents in a really bad market. A good sign. Volume and technicals are rising. Expect a test around the 20 1/2 range, my next trading target.
Craft Brewers Alliance, Inc. (HOOK) had a price-volume surge in May that triggered a move from around 2.75 to 6.70, which it reached today. More importantly, it's moved up nicely, consolidated nicely, and expanded with volume and technicals. It was up 57 cents, or 9.5% today. My next trading target is in the 8.00-8.10 range. I expect that to be reached shortly, market permitting.
Isilon Systems, Inc. (ISLN) had a big day today, gapping up at the opening, jumping 2.13, or 12%, on 3 1/2 million shares. That's the biggest volume we've seen all year. The key breakout of its trading range should lead to a quick move towards the 20 1/2 area. That may be as early as tomorrow, but should we get out above the top of the channel, I think this could accelerate and look for a move up to the 24 -25 zone, my next trading target.
Warner Chilcott plc (WCRX), a drug manufacturer, made a new all-time high today, or right at it. There's lateral price resistance in this zone, but they stuck above it today, reaching 29.81 before closing up 1.31 at 29.43. Still, strong volume on the breakout should lead to higher levels. I'm looking for a move up to the low 30s, then the mid-30s.
Other stocks on Harry’s Charts of the Day are Almaden Minerals Ltd. (AAU), Amtech Systems Inc. (ASYS), China Green Agriculture, Inc. (CGA), Informatica Corporation (INFA), IPG Photonics Corporation (IPGP), JinkoSolar Holding Co., Ltd. (JKS), Nanometrics Incorporated (NANO).
