SHAW, MIND, BTX, AMGN - Stock Charts to Watch
The stock market had a topsy-turvy session on Wednesday, and although their was a lack of follow-through, it did close up on the day. We’re going to go over some interesting chart patterns here, and see how these stocks are progressing.
Shaw Group Inc. (SHAW) had a big day on Wednesday. It popped 3.64, or 16%, on 4.3 million shares. That’s the heaviest volume since August. It has quite a pattern, with a break away gap across the moving averages, and then back up to the neckline on Wednesday with a nice close, which could mean the bottom has been put in on this one. The moving averages are turning over here, so look for a move that takes it up to the gap around 30, the short-term target for Shaw Group Inc. (SHAW) .
Mitcham Industries Inc. (MIND) is one that we looked at several times in the last few weeks, especially after it spiked up through the declining topsline and moving averages. It pulled right back to the 50, held, and started to run up with a break away gap two weeks ago, and settled into a flag. Wednesday, it popped out of that flag, up 2.02, or 10%, and went right up to resistance, and closed right there. Although it did back off a little bit at the close, the target is up around 26.
BioTime, Inc. (BTX) had quite a move in the last few days. It had a spike-up from 3 1/2 to 6, closing up 6.02 on Wednesday. Volume was 1.3 million, the heaviest in 8 or 9 months. It’s right up against resistance here, so we may see a pullback. It has done extremely well short-term with strong momentum. If it gets through here, the next target is up around 7 1/2.
Amgen Inc. (AMGN) made some big moves in the last couple sessions. The declining topsline that it’s been in the last couple years has been taken out with a thrust on Tuesday, it backed off of it, and then on Wednesday, it followed through with a $3.00 gain, up 2.97, or 5%, on 10.6 million shares. A breakout of this pattern, and all is well for future progress. Look for a move to test the highs from 2007-08 at the 67 range short-term. A move through that and look for a move into the high 70’s.
Other stocks in our Charts for the Day are FSI International Inc. (FSII), Shaw Group Inc. (SHAW), Cobalt International Energy, Inc. (CIE), Mitcham Industries Inc. (MIND), BioTime, Inc. (BTX), Mistras Group, Inc. (MG), Smith & Wesson Holding Corporation (SWHC), NCI Building Systems Inc. (NCS), Progenics Pharmaceuticals Inc. (PGNX), Amgen Inc. (AMGN), Westport Innovations Inc. (WPRT), Astronics Corporation (ATRO), Kodiak Oil & Gas Corp. (KOG), United Rentals, Inc. (URI), Halozyme Therapeutics, Inc. (HALO).