Chart of the Day for Thu Mar 25th 2010
by Harry Boxer, www.TheTechTrader.com
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China Biologic Products, Inc. (CBPO) had a significant day today. As you can see on the chart it had a drop in January, and then a secondary low in Feb. This is a head and shoulders type bottom. It had a price breakaway gap and a volume surge that took this stock up near the high for the day, up 2.18, 24% today and it exploded up to the 10, 21 and 50-day moving averages. Very significant day technically. I would look for this stock to move up and retest the 13 1/2 – 13.70 range, which was the Jan high and then beyond. It certainly looks like the short-term target. That’s a particularly important day technically for that stock.
PolyOne Corporation (POL) has a set-up I really like. A breakout, price breakaway gap and then a 3-day bull flag calls for more upside. Looking back at the overall pattern you’ll see that it is now breaking across a multi-year resistance level, which could lead to higher prices. I’ll target 12 for my first target, 14 for my secondary target.
Somaxon Pharmaceuticals (SOMX) was up 36 cents or 4% on 13 million shares. This stock exploded last week and it’s coiling, forming a pennant in the 9.24 range. The OBV has actually made new highs showing strong accumulation. I believe this stock breaks down and runs to the 12 – 13 zone, my short-term trading target.
SunLink Health Systems (SSY) had three fantastic days in a row. A breakout, a gap, a follow-through, a breakthrough resistance with another gap today. Third day in a row, up 1.22 or 41% today. Move up over 100% in the last three sessions almost tripling actually. Looking back you can see that’s it broken out across an entire 1-year range. Secondary target is up around the 5.00 level I expect to reach as early as tomorrow.
Other stocks for today are Astrotech Corp. (ASTC), Star Scientific, Inc. (CIGX), Celldex Therapeutics (CLDX), City Telecom HK (CTEL), Integrated Silicon Solutions (ISSI) and Pixelworks Inc. (PXLW).
That’s it for today. Those are about ten ideas of stocks in motion and look to be moving now.
