RAM, SD, WPRT, ONXX - Stock Charts to Watch
The stock market gave a good account of itself on Thursday, and is still on the plus side. It acted very well, closing near the highs for the day. Again, we’ll go over some of the stocks that stood out on Thursday. There are some big things going on with some of these stocks, so we’ll take a look to see what we might expect in the coming days and weeks.
RAM Energy Resources, Inc. (RAM) had a big day on Thursday after they announced that they had reached an agreement with Halcon Resources, LLC, for a transformational capital investment in RAM. It exploded up 91 cents to 2.01, or an amazing 83%, on 12 million shares traded on a stock that averages 337,000. That’s the biggest volume since March. The pattern shows that it broke through key resistance, got up to next resistance, and there still may be some movement up toward 2 1/4-1/2 zone, maybe even as high as 2.65 short-term, and up towards 4.25 long-term.
SandRidge Energy, Inc. (SD) had a big, explosive move later in the day on Thursday, with the announcement of a joint venture of a billion dollars. This stock has a beautiful head-and-shoulder bottoming pattern. It spiked 1.54 to 8.21, or 23%, on 31 million shares on Thursday. That’s huge for that stock. At this point, the head to the neckline is 3 1/2 points, which is right at 12 1/2. The short-term target is 9 1/4, and the intermediate target is 12 1/2.
Westport Innovations Inc. (WPRT), after the breakout a couple days ago, continues to follow-through nicely, up another 1.01 to 32.75, or 3.18%. It’s in the vicinity of the spike high at 34.23. That was reached in mid-September. If it gets through that, the next target will be up towards the 39 level.
Onyx Pharmaceuticals Inc. (ONXX) swing trade is acting well and coming back. On Thursday it was up 1.24 to 41.73, or 3%, on 1.3 million shares. Look for a test of 45 1/2 - 46 short-term on this one.
Other stocks in our Charts for the Day are Akamai Technologies Inc. (AKAM), Micron Technology Inc. (MU), Transcept Pharmaceuticals, Inc. (TSPT), Gentiva Health Services Inc. (GTIV), LDK Solar Co., Ltd. (LDK), Dycom Industries Inc. (DY), FSI International Inc. (FSII), Akorn, Inc. (AKRX), Smith & Wesson Holding Corporation (SWHC), Cobalt International Energy, Inc. (CIE), Edac Technologies Corp. (EDAC), Progenics Pharmaceuticals Inc. (PGNX).