MAKO, NBR, TEVA, CRZO - Stock Charts to Watch
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The market had a very strong morning on Tuesday, and then gave back a chunk of it, especially in the last 10 minutes. It was not a good close, futures are flat, and we’ll have to watch to see what kind of follow-through it gets on Wednesday. We’ll continue on the long side for now, and see how it goes in the coming days.
MAKO Surgical Corp. (MAKO) had a big day, and may have broken the 2-month declining topsline on Tuesday. It broke through lateral resistance as well as the 21-day moving average, and closed up 3.08 to 28.29, or 12%, on 1.6 million shares. That’s the biggest volume in three weeks. The next target and resistance is up around 31 1/2.
Nabors Industries Ltd. (NBR) has a beautiful left-shoulder, head, right-shoulder complex, and on Tuesday this stock popped 1.68, or nearly 10%, on 8.6 million shares, the biggest volume in three weeks. If it can get above the 19.02 level where it closed on Tuesday, it could surge to about 21, and through that, it’s on it way to the mid-20’s.
Teva Pharmaceutical Industries (TEVA), on an announcement of a new CEO on Tuesday from Bristol-Myers, was up 2.74 to 43.10, or 6.8%, on 9.5 million shares, but the bottoming pattern may be incomplete. The declining topsline was taken out, the neckline of the head-and-shoulder pattern may follow-through, and if it does, look for something up around the 46 range short-term, and the intermediate-term target is 49.
Carrizo Oil & Gas, Inc. (CRZO) was up 1.69 to 28.94, or 6.4%, on a little over 1 million shares on Tuesday. It has a massive head-and-shoulder bottoming-type pattern. This bottoming pattern could support a big move that takes this stock into the mid, and then high 30’s.
Other stocks in our Charts for the Day are Magal Security Systems Ltd. (MAGS), Live Nation Entertainment, Inc. (LYV), Endeavour International Corporation (END), Orbitz Worldwide, Inc. (OWW), MetroPCS Communications, Inc. (PCS), Micron Technology Inc. (MU), Teva Leap Wireless International Inc. (LEAP), MGM Resorts International (MGM), Georgia Gulf Corp. (GGC), Flotek Industries Inc. (FTK), Masco Corporation (MAS), Cobalt International Energy, Inc. (CIE), Scientific Games Corporation (SGMS).