ENVI, MITK, PXLW, RVLT - Stock Charts to Watch
It was an unbelievable day for the stock market on Thursday. Almost all of our stocks were up, and up significantly. Needless to say, we are looking at some of those longs here to show you how they are doing and where they may be headed.
Envivio, Inc. (ENVI) has a strong, long-term chart pattern from the last year that was broken in the last four sessions with a thrust to the upside. It took it from 1.65, or so, up to Thursday’s high at 2.37, a 50% move, and the volume has picked up dramatically. There is some resistance near the gap at 2.98, so something around 3.00 is the short-term target. A swing trade was put out on it, and perhaps we’ll get that. A rule of thumb is that when a stock does break out into a gap, it will go about 50% of the way into that gap, which would put it to 4 1/4-1/2. That’s the secondary target, and would be a beautiful double.
Mitek Systems Inc. (MITK) had a monster day on Thursday, up 57 cents, or 8.39%, on 2.1 million shares. That’s the biggest volume all year. The last time it had that kind of volume was when it had a breakout in Dec 2012. It recently has a clean break out of a consolidation-type pattern, and then ran-up from the 6 range to the 7.50-8 range. On a short-term basis, look for something up around 8 1/4. This is a current swing trade of ours, so on a secondary basis look for more upside.
Pixelworks, Inc. (PXLW) has been acting great of late. On Thursday, it was up 71 cents, or 19.8%, on 2.1 million shares. That’s the biggest volume for this stock in a long time. It thrust, pulled back, formed an orderly falling wedge, popped out on Wednesday, and then had a beautiful follow-through on Thursday. Nearly a 20% gain. In 2009, this stock dropped to 35 cents, bounced and made its way back up to nearly 6.00, pulled back and has been consolidating since mid-2010. Now, it’s punching back out again. It would not be surprising to see it run back up to the 5 3/4-6 zone. This could be the wild card in the next day, or so, so keep an eye on this one.
Revolution Lighting Technologies, Inc. (RVLT) appears to be ready to make that anticipated move. It’s been five weeks now since it peaked, and it has been meandering back and forth ever since. It consolidated on low volume. On Thursday, it had nice price action off of the moving averages, and closed very nicely, but there is a key resistance level at 4.29 area. If it takes that out, it could see 6, and then more after that.
Other stocks on Harry’s Charts of the Day are ACADIA Pharmaceuticals Inc. (ACAD), CardioNet, Inc. (BEAT), Gannett Co., Inc. (GCI), Gray Television Inc. (GTN), Immersion Corporation (IMMR), Nexstar Broadcasting Group, Inc. (NXST), Polycom, Inc. (PLCM), TearLab Corporation (TEAR), and LIN TV Corp. (TVL).