ITRI, VCI, GNC, CIE Among Charts to Watch
Posted on February 17, 2012 at 00:43 AM EST
The stock market is still pushing ahead. It’s getting lofty, and it’s been like that for two weeks, but continues to push higher. For now, we’ll continue on the long side until we get a definitive thrust to the downside. Itron, Inc. (ITRI) had a big day on Thursday on good earnings. This stock exploded from about the 45 range, all the way up to over 50, at 50.35. It popped 8.12 to 48.23, or 20%, on 4.2 million shares. That’s big volume for this stock. It got up to, and pulled back from, the key resistance zone. If it pops through the resistance at 48.23, look for a move that could eventually take this up into the high 50’s, or mid-60’s. But for starters, let’s see if it gets through resistance here. Valassis Communications, Inc. (VCI), after breaking out across a line of resistance, and then pulling back to the platform and flagging, it popped on Thursday 3.47 to 26.31, or 15%, on a hefty 4 million shares. The close was excellent and not that far off the high. We’ll see if it gets up to the 28.00 declining topsline, which is the next target. GNC Corp. (GNC), one of our top picks for the year, is looking great. It moved to the top of the resistance line and should, at this point, take a run up to the 34-5 zone. On Thursday, it was up 2.66 to 32.66, or nearly 9%, on 4.8 million shares. That’s the biggest volume since November. Key an eye on this one. Cobalt International Energy, Inc. (CIE), which has moved since October around the 6.00 level, up 2.32 to 35 on Thursday. That’s a 6-fold increase in 5 months. It has a great-looking pattern, with a head-and-shoulder type base, it broke out of a flag, broke out of a flag again, and then it had another 5-wave up to what is called an exhaustion gap, or a run-away gap, which may get it up toward 40, but the target is set at 30. Other stocks in our Charts for the Day are Cybex International, Inc. (CYBI), Syntel, Inc. (SYNT), BioDelivery Sciences Internatio (BDSI), GRAVITY (GRVY), MIPS Technologies, Inc. (MIPS), Shuffle Master Inc. (SHFL), LCA-Vision Inc. (LCAV), Mitek Systems Inc. (MITK), Amylin Pharmaceuticals, Inc. (AMLN).
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