Chart of the Day - Harry Boxer, TheTechTrader.com
by Harry Boxer, www.TheTechTrader.com
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Tonight we discuss a few stocks that are running and breaking out.
FSI International (FSII) had a very important technical session today. Its large 3-month coil or wedge was broken on a price-volume surge today on more than 3 million shares traded. That’s the heaviest volume traded going back years. A significant day technically, which indicates the stock could extend to the top of the channel eventually that measures up toward the 5 3/4 - 6 range, my intermediate trading target. Short-term trading target around the 4 1/2 - 3/4 zone, maybe 5.
Houston American Energy Corp. (HUSA) continues to act phenomenally strong, in a rising channel. It accelerated to the upside mid-Feb with a price-volume surge on heavy volume. The stock ran up to the 15 level, backed off, formed a flag, and then broke out of the flag. Today it accelerated on heavy volume, up another 1.57 or 11% on strong volume for that stock. It looks to me at this point that a new angle of ascent may be under way, and the lines I’ve drawn on the chart constitute a move that takes this stock to 20, my trading target on HUSA going forward.
JAZZ Pharmaceuticals (JAZZ) had a significant day today after breaking out of a big wedge or coil pattern that’s encompassed this stock for the last several months. It broke out, flagged, and today exploded out on the heaviest volume in about four or five months, taking this stock up 1.14 or 10% on 2.5 million shares traded. There was some overhead resistance around 13 1/2 area, my short-term target, but I believe this stock is headed for a 16-17 range over the course of the next few weeks potentially.
Lastly today is Somanetics Corp. (SMTS) which had a significant price-volume surge breakaway gap, breaking out of a year and a half base pattern and moving across key resistance around the 181/2 level, exploding for 3.36 or 19% on 310,000 shares. At this point this stock looks like it could be headed for a target up in the mid 20’s.
Other stocks of interest on Harry’s charts are Callon Petroleum Co. (CPE), PLX Technology (PLXT), Pixelworks Inc. (PXLW), Radware (RDWR), RXi Pharmaceuticals (RXII).
That’s it for tonight.
