INSM, VTRX, GLNG, STZ - Stock Charts to Watch
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The stock market had an interesting session on Monday. They were down early, rallied back the rest of the session, and then rolled over the last hour, or so. It was a mixed session, and a decisive one, but it was having a tough time at resistance. In any case, we’ll go over longs and shorts, starting off with the longs.
Insmed Incorporated (INSM) had a big day on Monday, although not that good of a close. The overall pattern shows that it retested the lows, and when that was successful, it held for 3 days, but on Monday on good news, it popped, gapped away, and ran up 1.40 to 4.10, or 52%, on 2.5 million shares. At one point, it was up 80–90%. If it gets through resistance up around 5 1/2, look for something in the high 6.00 area, maybe even 7.00.
Vertex Pharmaceuticals Incorporated (VRTX) had a monster day on Monday, exploding for 20.71 to 58.12, or 55%, on 40 million shares on drug approval. This stock is up near key resistance, and often times when there’s a gap up, it will edge up higher. Look for something in the low 60’s short-term.
Stocks on the Short Side…
Golar LNG Ltd. (GLNG) has absolutely gotten destroyed. It was one of our favorites last year, but it double-topped, rolled over, and formed three wedges at various levels, and keeps stair-stepping down. Look for something down around 31 short-term, maybe even as low as 30.
Constellation Brands Inc. (STZ) finally broke the little bear flag on Friday, followed-through on Monday, but couldn’t quite break secondary support. If it does break, this stock could get as low as 19, even 18 1/2.
Other stocks in our Charts for the Day are Affymax, Inc. (AFFY), Avis Budget Group, Inc. (CAR), Kodiak Oil & Gas Corp. (KOG), Louisiana-Pacific Corp. (LPX), Spanish Broadcasting System Inc. (SBSA), Synacor, Inc. (SYNC), and VirnetX Holding. Corp (VHC), and Vringo, Inc. (VRNG). Charts of the Day on the short side include Apco Oil & Gas International Inc. (APAGF), American Public Education, Inc. (APEI), Fastenal Company (FAST), Joy Global, Inc. (JOY), South Jersey Industries, Inc. (SJI), and Ubiquiti Networks, Inc. (UBNT).