RNWK, ACAT, PMTC, STMP Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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We’re going to go over some longs that looked really good on Thursday.
RealNetworks, Inc. (RNWK) went into an agreement with Intel Corporation (INTC) to pay RealNetworks for video software and a large number of patents. On Thursday, their stock jumped 2.54 to 9.89, or 35 1/2%, on 1.7 billion shares. They got right up to resistance, backed away, and if it gets through resistance at 10.20, it could run up into the 12-range.
Arctic Cat Inc. (ACAT) with big earnings on Thursday, exploded 4.77 to 28.58, or 20%, on 1 million shares. It had a nice little base, broke out and flagged for two months, popped out, formed a wedge, and then popped again on Thursday. The weekly chart shows this stock to be up, up, and away to the highest level in 20 years. So, basically, it’s in new all-time high territory. There’s an extension that takes this stock into the low 30s.
Parametric Technology Corp (PMTC) had a clean price-volume surge on Thursday, up 4.07 to 25.64, or 19%, on 7 million shares traded. Looking at the long-term chart, that’s the highest level in 11 years. The short-term target on this stock is up around the 28 - 29 area.
Stamps.com Inc. (STMP) had a good day on Thursday. After the breakout earlier this week, it continued to stair-step higher, and on Thursday, it reversed after holding support around 29.95 - 30, and popped 1.19 to 31.33, or 4%. Look for a test of the highs around 33 3/4 short-term, secondary target around 39 - 40.
Other stocks in our Charts for the Day are Energy Conversion Devices, Inc. (ENER), EntreMed, Inc. (ENMD), Gulf Resources, Inc. (GURE), Hudson Technologies, Inc. (HDSN), Celldex Therapeutics, Inc (CLDX), United Rentals, Inc. (URI), Procera Networks, Inc. (PKT), Genetic Technologies Ltd. (GENE), Owens-Illinois, Inc. (OI), US Airways Group, Inc. (LCC), VocalTec Communications Ltd. (CALL).
