OPEN, SFSF, TEN, COHR - Stock Charts to Watch
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We’re going to have a quick review of the Boxer Shorts. The market is under pressure and may go lower, so we’ll take a look at some of the stocks we talked about on Monday.
OpenTable, Inc. (OPEN) dropped another 3.59, or 5 1/2%, on Wednesday. The rally backed off the bottom of the channel, came back to mid-channel and 21-day moving average, and although a retest of the lows is in order, may be even lower lows to test the bottom around 55, which is the short-term target, if it breaks, it could spike down into even lower lows.
SuccessFactors, Inc. (SFSF) had a pretty bad day on Wednesday, down 1.30, or 5%. After snapping back to lateral price support, which was broken earlier, and now resistance and the declining 21-day moving average, this stock has fallen away to retest the lows. It appears that there may be a retest of the 19 - 20 zone short-term if it does take out the lows here.
Tenneco Inc. (TEN) broke a massive formation with a spike down. It snapped back rather nicely, and put in a potential shorting opportunity around 35. It was down 78 cents to 33.85 on Wednesday, and may test the 31, or 28, zone.
Coherent Inc. (COHR) had a massive topping formation that broke down, snapped back to the neckline, and on Wednesday was going away on 95 cents, or 2%. It looks like it may retest the lows, and if that’s taken out, look for something in the high 30s short-term.
Other stocks in our Charts for the Day are Informatica Corporation (INFA), ASM International NV (ASMI), Itron, Inc. (ITRI), F5 Networks, Inc. (FFIV), Timken Co. (TKR).