ARNA, ENTR, NSM, WPRT - Stock Charts to Watch
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The stock market is still pressing it, particularly some of the biotech and high-tech stocks. We’ve done very well, especially with some of our swing trades. We’re going to stay with the trend right now and go over some of the longs here.
Arena Pharmaceuticals, Inc. (ARNA) had a big day on Wednesday on an FDA approved drug. It closed on Tuesday at 8.85, opened on Wednesday at 9 and ripped to 13 1/2, backed off a couple points, and closed at 11.39, up 2.45, or 28.7%, on 90.2 million shares. That’s huge for any stock. We had a target around 14, it got up to about 13 1/2 before backing off, and that’s not bad for some of our traders who own this stock. Let’s see if it will consolidate in this zone, and then work its way higher to about 14, and then something in the high teens.
Entropic Communications, Inc. (ENTR) had a huge day on Wednesday, up 1.16 to 5.24, or 28%, on 5.4 million shares on earnings, which is the biggest volume in a year. It gapped up across the entire declining topsline in the last 5 months, with a huge gap, and ran up as high as 5.38 before backing off. It looks like it could back and fill in this area. Resistance at 5.45 was nearly hit on Wednesday, and if it does get through that, look for something up around 6 1/2.
Nationstar Mortgage Holdings Inc. (NSM) is looking pretty good. It formed a beautiful wedge, and popped 1.33 to 20.46, or 7%, on 1.5 million shares on Wednesday. More importantly, the overall structure of the pattern is in a rising channel. It could test intermediate-term, the area up around the 22 – 24 zone at the top of the channel.
Westport Innovations Inc. (WPRT) continues to act great, after double-bottoming and popping through resistance, it coiled, broke out, ran up to another level of resistance, and then flagged for a week, and broke out on Wednesday, up another 2.99 to 35.49, or 9.2%, on 3.2 million shares. This stock is acting very well here. Look for a move up around the 38-9 zone short-term.
Other stocks in our Charts for the Day are Amarin Corporation (AMRN), A123 Systems, Inc. (AONE), Endocyte, Inc. (ECYT), Ellie Mae, Inc. (ELLI), Glu Mobile, Inc. (GLUU), Mitek Systems Inc. (MITK), Nanosphere, Inc. (NSPH), NuVasive, Inc. (NUVA), Orexigen Therapeutics, Inc. (OREX), Pharmacyclics Inc. (PCYC), Smart Balance, Inc (SMBL), Threshold Pharmaceuticals, Inc. (THLD), VIVUS Inc. (VVUS), XOMA Corporation (XOMA).