GLBC, HNSN, MCP, SZYM - Stock Charts to Watch
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The market is now at the half way point for 2011, and it just finished it’s fourth consecutive big day as we’re apparently in a summer rally. We’re going to take a look at some more of the bullish charts and see how they‘re doing.
Global Crossing Ltd. (GLBC), one of our swing trades, is looking very good. It popped, flagged for four days, and for the last four sessions it’s closed near the session highs going away. These are new multi-year all-time highs for this stock. The key long-term resistance has been broken, and the rising channel pattern at the mid 40 level looks doable.
Hansen Medical, Inc. (HNSN) broke out of a two-month falling wedge, popped to resistance, and then backed off. The volume was low for the last few sessions. It gapped up and ran on Thursday, closing up 40 cents, or 13%, on almost 4 million shares traded. That’s the biggest volume traded since the spike up in mid February. At this point expect a test to take out the 3.75-80 area, which could lead to 4.25-50, and then the top of the channel around 5.00.
Molycorp, Inc. (MCP) may have had an important day on Thursday, up 4.04, or 7%, on 6 million shares traded. More importantly, it’s finally getting through the declining topsline and 50-day moving average, and it looks like the wedge has broken to the upside with a surge. On-Balance Volume has been steadily moving upward and has been for several weeks now. It’s had a nice move back from 46 to 61 in the last couple weeks, and may have more to go. Short-term target is 66, secondary target is 72.
Solazyme, Inc. (SZYM) is a new stock that we’re watching. After the IPO it popped, pulled back in an orderly manner, had a 5-wave decline, retested, and then snapped out and above on Thursday, taking out the falling wedge and the declining topsline. It may test the 23 1/2 - 24 zone as early as Friday, but ultimately look for a breakout into the mid to high 20 zone.
Other stocks in our Charts for the Day are Volcano Corporation (VOLC), Asia Entertainment & Resources Ltd. (AERL), Caliper Life Sciences, Inc. (CALP), Delek US Holdings Inc. (DK), Endologix Inc. (ELGX), EasyLink Services International Corporation (ESIC), Genetic Technologies Ltd. (GENE), Glu Mobile, Inc. (GLUU), ICAgen Inc. (ICGN), Coffee Holding Co.Inc. (JVA), Cheniere Energy, Inc. (LNG), Quepasa Corp. (QPSA), GT Solar International, Inc. (SOLR), ServiceSource International, In (SREV), Unilife Corporation (UNIS), Volcano Corporation (VOLC).