Chart of the Day - Harry Boxer, TheTechTrader.com
by Harry Boxer, www.TheTechTrader.com
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Today I’m going to go over some stocks we haven’t discussed recently. These are some new ideas as well as a few of the stocks I’ve been following that have made some moves here that warrant attention.
Starting with Compugen (CGEN), in December the stock had a huge gap up, pulled back and then gapped again, before settling in a 5-week declining channel. Today it popped 72 cents, or 18 1/2%, on 2 million shares, the heaviest volume in more than a month. A move may be beginning here. Target around 5.50-.75 zone. A takeout of that could take it to 7 range.
DSW Inc. (DSW), Designer Shoe Warehouse, has been in a beautiful rising channel, but over the past six weeks it’s consolidated in a slightly declining line. Over the last two days it’s snapped back smartly after holding the 50-day moving average and the rising channel bottom. Today’s action up 1.10 on 419,000 shares is the heaviest volume in about six sessions. It could be the beginning of a break out. If it takes out the declining topsline over the next day or so, you could see this stock accelerate to the high 20s. My trading target on this if it does take out the 27.44 range at the December high, would be somewhere up around the 32 zone towards the top of the channel.
McMoran Exploration (MMR) has been in a strong pattern with a break out, price volume surge, pennant, and then breakout of the pennant. This is a $20 stock in my mind, which is what I’ll be looking for short-term.
Momenta Pharmaceuticals (MNTA) had a big beautiful base pattern over the course of the last year that was broken in December. That was followed by a nice beautiful bull flag, a secondary surge, and another bull flag -- and today the stock jumped 52 cents moving out of the flag with a nice move in the technicals with new highs in the last year as well.
Skechers (SKX), which is one my favorite stocks on the Fab 40 list, has been in a beautiful rising channel all year, moving from 5 to 30+. It pulled back over the last two and a half weeks in an orderly down channel or flag, and then held the 50-day moving average, before popping 1.90 today on over 1 million shares. That’s the heaviest volume in three weeks. This could be initiating a new trend or leg that takes this potentially up towards the high 30s, maybe even 40s.
Other stocks to view on the chart are Conexant Systems (CNXT), Callon Petroluem (CPE), Eastman Kodak (EK), ev3 (EVVV), FSI International (FSII), Hollysys Automation Technologie (HOLI), Interactive Data CP (IDC), MAP Pharmaceuticals (MAPP), Pharmacyclics (PCYC), Select Comfort (SCSS), Valassis Communication (VCI).
