Chart of the Day - Harry Boxer, TheTechTrader.com
by Harry Boxer, www.TheTechTrader.com
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Today's charts focus on the long side as the market keeps pressing higher and closed Monday at new 2010 highs or at least reached them on an intraday basis.
Star Scientific, Inc. (CIGX) has been in a beautiful rising channel for the last six weeks, accelerating, and after it more than tripled it’s now flagging, with the volume dissipating and technicals holding up rather well. I’m looking for a move that takes it to the next level up around 4-plus.
City Telecom HK (CTEL) has been in a strong rising channel over the last year. The rising wedge was broken to the upside today, with the stock up another 64 cents or nearly 4%. Looks like this stock may be headed for the top of the channel around 19 1/2, my short-term target.
Las Vegas Sands Corp. (LVS) has been doing very well of late. It’s in a beautiful rising channel. It flagged over the last 6-7 days, and popped today, up 2.06 or almost 10% on 58 million shares. Looks like more upside potential. Looking for a move that takes this eventually to the mid 20’s, then high 20’s, maybe 30 range.
Quality Distribution (QLTY) broke out of a big base pattern over the last couple years, ran early March, consolidated mid-to-late March, and then the last couple days has broken out of that pattern with strong volume and is headed to higher levels. The next target up around 9 1/4 and then 11 1/2.
Other stocks featured on the Charts of the Day are Cerus Corporation (CERS), Callon Petroleum Co. (CPE), Eastman Kodak Co. (EK), Eaton Vance (EVV), Immersion Corporation (IMMR), Keryx Biopharmaceuticals (KERX), L & L Energy (LLEN), Cheniere Energy (LNG), Pozen, Inc., Rexahn Pharmaceuticals (RNN), Westport Innovations (WPRT), Xyratex Ltd. (XRTX).
