Chart of the Day - Harry Boxer, TheTechTrader.com
by Harry Boxer, www.TheTechTrader.com
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Some new ideas today, a few old ones, and reviews of several that we have been following.
Acorda Therapeutics (ACOR) has a long base pattern and has formed a head and shoulders type bottom, but the significant action about the recent price performance here is the recent spike up followed by a slight pullback and beautiful little 5-6 day flag. On Monday it popped 1.11 on more than 1 million shares, up 4%, and closed right at key resistance at the 29.20 area. A move though that Tuesday could lead to a quick move up to the 31 1/2 zone, and beyond that I'm looking for a more significant move that takes it back up to test the 35-36 area, which was the 2008 high.
Eastman Kodak (EK) has had really nice action of late. A price-volume surge resulted in a 2-day follow-through, albeit not a big one, probably because up against resistance in the 6 1/2-6.70 zone. We'll see if it can pop through here, but next trading target 7 1/2. Beyond that possibilities down the road exist in the low teens.
Energy XXI (EXXID), which did a 5 for 1 reverse split, formed a beautiful rising flag, was up 95 cents today on nearly 900,000 shares and if it breaks through this flag it could pop into the low-to-mid 20s. We'll be looking to take advantage of that for a trading opportunity.
MAP Pharmaceuticals (MAPP) is in a very unique pattern. Last May it had a huge gap followed by a multi-month consolidation. It broke out in early January for a 2-day flag and strong 4-day run. Look at the beautiful bull coil - narrow low-volume price action, yet On-Balance Volume actually increasing, and Balance of Power holding up well and Money Stream at top of the window. Augurs well for pop that moves to 17 1/2-3/4, my short-term target, and beyond that something close to 20.
Momenta Pharmaceuticals (MNTA) after breaking out of a beautiful one-year base, formed a mini-flag, exploded out of that, backed off and now formed a little mini-flag in here with low volume and good technicals. This one certainly looks like it could retest the 16 1/2 area very soon and make it up towards 18 or 19.
RXi Pharmaceuticals (RXII) also in the midst of a beautiful flag formation, good technicals, nice volume patterns. Looks like another leg up is due that'll take this one up toward 7 - 71/2 range.
Other stocks to view on Chart of the Day are Conolog (CNLG), Callon Petroleum (CPE), Ceragon Networks (CRNT), Integrated Silicon Solution (ISSI), McMoran Exploration (MMR), Mindspeed Technologies (MSPD).
That's it for today and for the ideas for this week. The market appears to be in a bounce-back mode and I think it could last another 2-3 sessions. We'll see how it goes tomorrow.
