MELA, MAKO, CHPD, CBST Among Charts to Watch
Posted on September 27, 2011 at 00:06 AM EDT
Wall Street was looking good on Monday as the market had an up day. There were quite a few stocks that did well with some promising patterns, so we’ll take a look at some of those. MELA Sciences, Inc. (MELA) was leading the way on Monday, exploding up 1.75 to 4.93, or 55%, on 10 million shares traded. It had a big breakaway gap that pulled back twice, a wedge that formed, and then on Monday it had an explosive move that took it all the way up to 6.20 at one point. There was a resistance zone at the 6-6.20 zone, and it got right up to it and backed off. The next target will be up around 8.50 - 8.75, but first we need to see what happens as far a follow-though up or down. MAKO Surgical Corp. (MAKO) is doing very well. It had a 5-wave move, pulled back to test support and the trend line, and on Monday it jumped 1.88 to 37.13, or 5%, on 856,000 shares traded. That's not a lot of volume for that stock, but if it gets some kind of follow-through, look for a retest of 42, and then something up toward the 46 - 47 range. Cepheid (CPHD) is breaking out of a wedge. It pulled back, popped on Friday, and on Monday it popped again, up 1.60 to 39.42, or 4.3%. There was resistance at the 40 level, but a break through that, and it should test 41 short-term, and then head up toward 44 - 45. Cubist Pharmaceuticals Inc. (CBST) had a big run-up last March, April, and May, came down, tested, gapped, bounced, pulled back to the moving averages, and retested. On Monday it was up another 66 cents to 36.63. Let’s see if this gets up through 37 - 371/2 and moves up to test the 40 level. If it gets through that, this stock could spike into the 43 - 45 zone. Other stocks in our Charts for the Day are SILICON MOTION TECHNOLOGY CORP. (SIMO), Endologix Inc. (ELGX), Finish Line Inc. (FINL), ADA-ES, Inc. (ADES), Aruba Networks, Inc. (ARUN), Silicon Image, Inc. (SIMG), Dunkin’ Brands Group (DNKN), Wright Medical Group Inc. (WMGI), Nxstage Medical, Inc. (NXTM), ProShares UltraShort Gold (GLL), Westport Innovations Inc. (WPRT), Edac Technologies Corp. (EDAC), Yahoo! Inc. (YHOO).
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