CRUS, MDSO, CRR, PXD - Stock Charts to Watch
The stock market had a very sloppy day on Tuesday, but there were still a lot of stocks to the upside. We will take a look at both longs and shorts and see how they are doing.
Cirrus Logic Inc. (CRUS) had a big day on Tuesday. It ran up, pulled back, formed a wedge, and reached key resistance before rolling over to test the bottom of the channel. It spiked up, consolidated, the consolidation was broken, it thrust on Monday, and then it spiked up on Tuesday, 6.93 to 36.77, or 23%, on nearly 14 million shares.On a long-term basis, it looks like this stock could be challenged in the mid-to-high 40’s. The short-term target is in the 39 – 40 range.
Medidata Solutions, Inc. (MDSO) had a nice move out of a 3 - 4 week consolidation. On Tuesday, it spiked up 4.24 to 35.41, or 13.6%, on 768,000 shares traded. It looks like it’s headed to the top of the channel up around 39.00 short-term.
Stocks on the Short Side…
CARBO Ceramics Inc. (CRR) continues to plummet on Tuesday after the big reversal four days ago, down 1.35 to 64.18. It could very well run into the high 50’s before it’s over.
Pioneer Natural Resources Co. (PXD) formed a big wedge, and backed off 1.75 to 88.63 on Tuesday. Look for the wedge to break, come down and test the 77 1/2 area, and maybe even get into the low 70’s eventually.
Other stocks in our Charts for the Day are Accretive Health, Inc. (AH), Amyris, Inc. (AMRS), Avid Technology, Inc. (AVID), DigitalGlobe, Inc. (DGI), Dorman Products, Inc. (DORM), Headwaters Inc. (HW), Medifast Inc. (MED), Meru Networks, Inc. (MERU), Mitek Systems Inc. (MITK), Pluristem Therapeutics, Inc. (PSTI), W&T Offshore Inc. (WTI), Wizzard Software Corporation (WZE), and Ixia (XXIA).
Stocks on the short side include Abercrombie & Fitch Co. (ANF), Apco Oil & Gas International Inc. (APAGF), American Public Education, Inc. (APEI), The Chefs' Warehouse, Inc. (CHEF), The Cooper Companies Inc. (COO), and Deckers Outdoor Corp. (DECK).