Charts of the Day - Harry Boxer, TheTechTrader.com
by Harry Boxer, www.TheTechTrader.com
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The market started off the week on a positive note and several of our stocks and some of the ones we have been following had a significant day today. Let’s point out a few of them.
Atlas Pipeline (AHD), which we’ve been watching for awhile, broke out of a long coil in December, exploded from about 3.35 more than doubling in about a week. Since then it’s been in a slow downward drifting channel or bull flag, broke out on Friday and followed through nicely to add another 50 cents or nearly 9 percent. Volume is strong, and the stock looks like it could be headed toward my trading target around 9 short-term, and possibly 12 1/2 intermediate-term.
Halozyme Therapeutics (HALO), one of our old favorites from years ago, today had a significant technical session breaking its 5-month declining topsline, moving to lateral price resistance of a double top in January and the earlier highs in December, popping 1.16 or 21% on 2 1/3 million shares. It was a significant price-volume surge closing right near the high end of the range, an impressive day. I’ll be looking for a retest of the next resistance level tomorrow probably around 7, with the 7 3/4 zone our secondary target. A move through that would break a significant 3-year head and shoulders type bottoming pattern and could explode this stock into the 9–10 zone pretty quickly.
Pharmacyclics (PCYC) continues to act very well, up only 3 cents today but continuing to consolidate in a beautiful rising channel. The top of that channel measures up around 7 1/2, my next trading target, with the stock currently at 5.68.
Lastly for today is another junior energy stock, Crosstex Energy (XTEX), which popped out of a 2-month trading range or consolidation flag-type pattern. Volume exploded as well today to the heaviest in months. The stock is breaking out, and may be headed for a run at the top of the channel, which is currently around the 14 1/2–3/4 range, my next trading target.
Other stocks for you to view on Harry’s charts today are Acme Packet, Inc. (APKT), Astrotech Corp. (ASTC), Brigham Explorations (BEXP), Impax Laboratories (IPXL), MAP Pharmaceuticals (MAPP), Pacer International (PACR), Radware (RDWR), Sequenom (SQNM), US Energy (USEG).
