FTEK, IMAX, STEM, THRX - Stock Charts to Watch
Tuesday was a reversal day for the stock market. We have several stocks here on the long side that are acting well, and again, biotech stocks did very well. So let’s take a look at some of those.
Fuel-Tech, Inc. (FTEK) had a significant day on Tuesday after they announced A $36.6 million air pollution contract they were awarded in Chile. They jumped 82 cents to 5.39, or 18%, on 600,000 shares traded. That’s good volume for that stock. The weekly chart shows that after the move up to resistance, it pulled back very gently, held the 50-day moving average, and then popped beyond resistance. Look for a move up to the 6.00 range short-term. If it gets through that, the next target is up around 6.90.
IMAX Corporation (IMAX) had a head-and-shoulder pattern that broke through the neckline on Tuesday, popping 1.22 to 25.34, or 5%, on 3.7 million shares. There is some resistance up around the March highs at 26 1/2. If it gets through that, look for it to move up toward 30, and then 33 on an intermediate basis. It would then be at the 2011 high.
StemCells Inc. (STEM) had a huge day on Tuesday after an announcement of their Alzheimer’s study. They were up 93 cents to 1.80, or an amazing 107%, on 17 million shares. That’s a monster move for this stock. It’s breaking out over the lateral price resistance, filling in the gap, and even taken out secondary resistance. The next target is at 2.05 short-term, and then 2.50 intermediate-term.
Theravance Inc. (THRX) continues to move very, very well. It has a large base that could support a good move. On Tuesday, it popped 1.24 to 30.74, or 4.2%, on 1.9 million shares. If it gets above the double-top from 2011, it may get some additional momentum, but then at some point it may pull back. Longer-term it looks terrific, but just keep an eye on it for now.
Other stocks in our Charts for the Day are Affymax, Inc. (AFFY), EnteroMedics Inc. (ETRM), Isis Pharmaceuticals, Inc. (ISIS), Kodiak Oil & Gas Corp. (KOG), Lexicon Pharmaceuticals, Inc. (LXRX), Odyssey Marine Exploration Inc. (OMEX), Peregrine Pharmaceuticals Inc. (PPHM).