ESRX, MM, CEC, CRR - Stock Charts to Watch
We’re going to look at stocks on the long side and short side, but mostly the long side, since this market has key points. Looking at cycles, the timing, Fibonaccis, and trend lines, we have a key point in the market. It will be interesting to see if we can blow through these levels. We could get a very strong, short-covering type rally that could spike the market up. At this point, the summer rally is on, so let’s see what happens going forward.
Express Scripts Holding Company (ESRX) had a key break came on Wednesday. It followed through on Thursday, up 1.78 to 62.51, or 2.9%, on 10.4 million shares. It looks like it could accelerate into the high 60’s.
Millennial Media. Inc. (MM) had an important day on Thursday. The trend line, price-resistance, and 21- and 50-day moving average were broken. It closed at the upper end of the range, up 2.86 to 13.05, or 28%, on 2.9 million shares. Look for a move to 14-14.50 short-term, and then 16 intermediate-term.
Stocks on the Short Side…
CEC Entertainment Inc. (CEC) has a rollover-type top, a spike down, and had a snapback that looks like a bear wedge. On Thursday it was down only 4 cents to 29.59, but it looks like it could get to lower levels ultimately. Look for something down around 25-26 short-term.
CARBO Ceramics Inc. (CRR) had a big spike down, breaking support, and then formed a little bear flag. On Thursday it dropped 1.87 to 66.82. The long-term chart shows a possibility of this stock getting down around 48 – 50, so keep an eye on this one.
Other stocks in our Charts for the Day are Amarin Corporation (AMRN), Ellie Mae, Inc. (ELLI), Homeowners Choice, Inc. (HCII), PDF Solutions Inc. (PDFS), Peregrine Pharmaceuticals Inc. (PPHM), Pluristem Therapeutics, Inc. (PSTI), Smart Balance, Inc (SMBL), Smith & Wesson Holding Corporation (SWHC), and Wizzard Software Corporation (WZE). Stocks on the short side include Advisory Board Co. (ABCO), Chipotle Mexican Grill, Inc. (CMG), Lincoln Electric Holdings Inc. (LECO), and True Religion Apparel Inc. (TRLG).