IDIX, BVSN, MDVN, JAZZ Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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It was a mixed day on Wall Street on Monday, but a lot of stocks perked up. We traded them, especially the junior biotechs, which were lead by the big takeover of Inhibitex Inc. (INHX) today, with 140% increase on Monday.
Idenix Pharmaceuticals Inc. (IDIX) responded, gapping, and jumping 2.61, or 37%, on 13.1 million shares. It formed a consolidation pattern over the last couple weeks, gapped up, ran all the way up to 10.39, got into the resistance zone of our target at 10, but backed off to close at 9.66, still up significantly. The longer-term chart shows resistance up in this zone, going all the way back to 2008. If it could get through here, it could run into the mid-to-high teens. Watch for resistance here, and a potential pullback.
BroadVision, Inc. (BVSN) had a big couple sessions after the breakout in December, and the pullback to the moving averages. A move up to resistance stalled it a bit, but on Friday it popped out, and on Monday it exploded up 2.24 to 14.95, or 17.6%, on 554,000 shares, which is the best volume in weeks, if not months. It took out last year’s double-top, and also, on a long-term basis, maybe the declining topsline. It could be coming out of a base here that’s setting up a move into the high teens.
Medivation, Inc. (MDVN), exploded in December exploded, and at the first pullback, as we mentioned in our charts a week or so ago, this stock could run to the mid-50’s in the next couple weeks. It got there on Monday, up 3.70 to 52.80, or 71/2%, on 1.37 million shares.
Jazz Pharmaceuticals, Inc. (JAZZ), one of our old favorites, last week took out the declining topsline, lateral price resistance, gapped up on Friday, and on Monday it ran up 2.81 to 48.20, or 6%, on 1.5 million shares, and through the September spike high. At this point, it looks like it can run even further. The short-term target is up around the 60 - 62 range.
Other stocks in our Charts for the Day are LCA-Vision Inc. (LCAV), Achillion Pharmaceuticals, Inc. (ACHN), Rare Element Resources Ltd. (REE), VIVUS Inc. (VVUS), NetQin Mobile Inc. American Dep (NQ), RAM Energy Resources, Inc. (RAM), Dendreon Corp. (DNDN), Delcath Systems, Inc. (DCTH), Elan Corp. plc (ELN), Spectrum Pharmaceuticals, Inc. (SPPI), Silicon Motion Technology Corp. (SIMO), Nuance Communications, Inc. (NUAN), Dex One Corporation (DEXO).
