REE, PRXL, CALL, WPRT Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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As the month of January ends, this has been the best performance in fifteen years, or since 1997. It’s a great way to start the year. What is said about January is that it often tells you about the forthcoming year. Both Monday and Tuesday, the market has been mixed, and may have been distribution days. This is where you need to be careful. A lot of stocks have run up, and at least need to pullback and digest. If the market does get a pullback, then it’s nothing more than a 3-5%, or a 5-8% pullback, and that’s all we get. For now, though, let’s take a look at some of the leaders from Tuesday’s market.
Rare Element Resources Ltd. (REE) broke out above the explosive move from 3.00 to 7.00, more than doubling in about a week. It pulled back in a falling wedge as the moving averages crossed over to the upside. It popped, pulled back for a little 3-day flag on low volume, and on Tuesday, it exploded, up 1.23 to 7.38, or 20%, on 9.2 million shares. That’s big volume for this stock. The long-term chart shows the area of resistance, and the basic base that has been completed, and if it does break through here, expect a thrust up toward 9.00 short-term.
Parexel International Corp. (PRXL) broke out of a large, coiling, base pattern, took out a line of resistance, and jumped 3.64 to 24.10, or 18%, on 2.9 million shares on Tuesday, with a very nice close not that far off the high. The short-term target on this stock is 28.
VocalTec Communications Ltd. (CALL) flew through resistance at the 17-18 zone, and got up to 19.30, up 2.09, or 12% on Tuesday. Secondary target is from the high a year ago. So, this is a key area for this stock. If it breaks through that, it could accelerate to the high 20’s.
Westport Innovations Inc. (WPRT) has been beautiful for us this year. On Tuesday, it jumped 3.62, or 9 1/2%, on 2.79 million shares. It got up to 42.15 before closing up at 41.60. What a nice move as it has a solid rising channel. The longer-term channel top was hit, so there may be a pullback-consolidation, but if momentum carries it forward, it could run up into the low 50’s. So, keep an eye on this one. It could be a real momentum play.
Other stocks in our Charts for the Day are FriendFinder Networks Inc. (FFN), Rare Element Resources Ltd. (REE), Parexel International Corp. (PRXL), Array BioPharma Inc. (ARRY), Mindspeed Technologies, Inc. (MSPD), VocalTec Communications Ltd. (CALL), Avalon Rare Metals Inc. (AVL), USEC Inc. (USU), Uranerz Energy Corp (URZ), Westport Innovations Inc. (WPRT), ArQule, Inc. (ARQL), Celldex Therapeutics, Inc (CLDX), KAR Auction Services (KAR), Glu Mobile, Inc. (GLUU), Mattress Firm Holding Corp. (MFRM), Datawatch Corporation (DWCH), JDA Software Group, Inc. (JDAS), Cabot Oil & Gas Corporation (COG), Carbo Ceramics, Inc. (CRR), Gardner Denver, Inc. (GDI), Ultra Petroleum Corp. (UPL), Shutterfly, Inc. (SFLY), Abercrombie & Fitch Co. (ANF).
