AMRN, COOL, MOBI, YOKU Among Charts to Watch
Posted on April 19, 2011 at 08:56 AM EDT
There are still a lot of good looking charts on the long side. The market has been struggling, but we’ve managed to call out some of the top stocks. Amarin Corporation plc (AMRN), which we’ve been watching for weeks, broke out of a declining channel last week and flagged for a few days, and then exploded on drug news on Monday, jumping 8.33, or 95.5%, on historical volume of 54.4 million shares. That’s huge for this stock, and it closed not far off the top of the range. Based on the action early on, and then the comeback early in the day, I’m expecting this stock to be in the low 20s short-term. Look for a trading target of at least 19-20, maybe even as high as 22 1/2. Majesco Entertainment Co. (COOL) is a very nicely formed, low-priced stock that has moved up from under 1.00 to 3 1/2 – 4.00 range. It has been consolidating for the last couple weeks. The little flag that has broken out in the last week pulled back Friday, reversed again, moved back up from 3.27 to 3.79, and closed at 3.64 on Monday. It’s up a little bit at 3.4%, but more importantly, the technicals look great. It looks like this stock is headed for somewhere around the 51/2-3/4 range. Sky-mobi Limited (MOBI) had a nice move on Monday, up from 15 to 17.24, closing at 17.02, up 1.49, or 9.6%. Volume increased again, technicals surged. This stock is really in a strong surge mode and looks like it could get to 19-20 very short-term. Youku.com Inc (YOKU) has been trending beautifully ever since it pulled back in February to the 29 range. It has now shot up to 65 1/2 from 29 in the last couple months. It continues to look good. We are at short-term resistance at the top of the channel, but a spike here could put it into the low 70 range. Other stocks in our Charts of the Day video are Elan Corp. plc (ELN), Immunogen Inc. (IMGN), Keynote Systems Inc. (KEYN), MAKO Surgical Corp. (MAKO), Molycorp, Inc. (MCP), Merit Medical Systems, Inc. (MMSI), Neoprobe Corp. (NEOP), PFSweb Inc. (PFSW), Insulet Corporation (PODD), Qihoo 360 Technology Co. Ltd. A (QIHU), Rediff.com India Ltd. (REDF), Sify Technologies Limited (SIFY), Synthesis Energy Systems, Inc. (SYMX).