MITK, VNDA, CRR, RBC - Stock Charts to Watch
The stock market sure is under pressure, but we’re still seeing stocks that look good and obviously some ugly ones, so we’ll go over both.
Mitek Systems Inc. (MITK) had a nice day on Wednesday, up 37 cents, or 5.76%, on 874,800 shares traded on a lousy day. That was the biggest volume in a seven sessions. Breaking out across the 6.60 range is important. At this point, it wouldn’t be surprising to see the stock run up to 7 1/4 short-term, and 8-8 1/2 intermediate-term.
Vanda Pharmaceuticals, Inc. (VNDA) had a nice session and follow-through day. Although it reached the swing-trade target, it sure isn’t backing off. On a lousy day on Wednesday, it could easily have done that. It ran up to 13.30 before pulling back to 13.00, up 44 cents, or 3.5%, on 3.1 million shares. The overall pattern is a beautiful rising channel, it has good momentum, and if it consolidates in this zone, the next target is 17 1/2. Stay tuned on this one.
On the Short Side….
CARBO Ceramics Inc. (CRR) has been on our negative list for a while, and was a swing-trade short three weeks ago. Before it was 70, now it’s 65.89, and may very well be headed down toward the 60-61 zone short-term.
Regal Beloit Corporation (RBC) has a head-and-shoulders top, a breakdown and now a bear wedge. Look for this stock to get down around the 55-57 zone short-term.
Other stocks on Harry’s Charts of the Day are Albany Molecular Research Inc. (AMRI), CardioNet, Inc. (BEAT), Health Management Associates Inc. (HMA), Spectra Energy Corp. (SE), SGOCO Group, Ltd. (SGOC), and Teck Resources Limited (TCK).
Stocks on the short side include Grupo Aeroportuario del Sureste, SAB de CV (ASR), Cepheid (CPHD), DuPont Fabros Technology, Inc. (DFT), PennyMac Mortgage Investment Trust (PMT), Rentech Nitrogen Partners, L.P. (RNF), Stage Stores Inc. (SSI), and Teck Resources Limited (TCK).