IQNT, ZNGA, RNF, SWI - Stock Charts to Watch
It may have been turn-around Tuesday for the stock market. The market rallied in the morning, and then came down hard at the end of the day. We’ll have to see if there’s a follow-through or not. I think that if the market doesn’t consolidate, or hold in this area, and starts to break, it could get a much deeper retrace, particularly this time of year. For now, though, we are going to take a look at both longs and shorts here to see how they measure up.
Inteliquent, Inc. (IQNT) did well on Tuesday. It had an explosive breakaway gap in May, a pullback, and it’s already moved up several waves, and another wave may be under way, but which one is depending on how you look at it. On Tuesday, it broke out across the 9.07 high, which it reached in July, and although it didn’t close at the high on Tuesday, it was up 68 cents, or 8%, on 1.4 million shares. Watch for a move to 11 short-term, and 14 longer-term.
Zynga, Inc. (ZNGA) has a nice long-term chart, with a very nice base pattern. On Tuesday, it ran up against the May high at 3.61, backed off a little after piercing it by a few cents, and then closed up 8 cents, or 2.3%, on 37.4 million shares. Watch this one carefully because it may be getting close to a move. We put a swing put on it on Tuesday, but you may see this stock up at 4 1/2, and then 5 1/2.
Stocks on the Short side….
Rentech Nitrogen Partners, L.P. (RNF) continues to be bearish, and continues to form bear wedges. It was down 78 cents, or 3%, on Tuesday. If it breaks down from here, it could plunge down into the 21 zone pretty quickly.
SolarWinds, Inc. (SWI) broke down in March and continues to look bearish, forming wedges on its way down. The breakaway from the most current wedge, broke underneath support on Tuesday. It should see a turn down towards 30, maybe even as low as the high 20’s on a short-term basis.
Other stocks on Harry’s Charts of the Day are Arrowhead Research Corp. (ARWR), AudioCodes Ltd. (AUDC), CardioNet, Inc. (BEAT), Celldex Therapeutics, Inc. (CLDX), Daqo New Energy Corp. (DQ), FAB Universal Corporation (FU), Genco Shipping & Trading Ltd. (GNK), GenVec, Inc. (GNVC), Kandi Technolgies Group, Inc. (KNDI), Rare Element Resources Ltd. (REE), Sierra Wireless Inc. (SWIR), and on the short side is Calumet Specialty Products (CLMT).