BLDR, NEPT, ENTR, XCO Among Charts to Watch
Posted on June 28, 2012 at 22:29 PM EDT
It was an interesting late rally in the stock market on Thursday that brought the indices way back, tested key support and held. It will be just as interesting to see what happens in the coming days. For now, though, we’ll just keep looking at the stocks that are doing well. Builders FirstSource, Inc. (BLDR) has had a beautiful rising channel for months. It finally pulled back and consolidated for three and a half months, popped through resistance, and jumped 3.33% on Thursday. It looks like it will follow through to the top of that channel all the way up to 7 1/2-3/4. Keep an eye on this because it could be a good swing trade. Neptune Technologies & Bioresources, Inc. (NEPT) has been moving nicely. It popped, pulled back, popped again for three days, and then popped through lateral resistance. It’s the highest high since 2007. Look for it to reach the 6.00 level ultimately. It may get tested somewhere up in that zone. Entropic Communications, Inc. (ENTR) had a big day on Wednesday. It popped, and on Thursday, it followed through, getting right to resistance. Look for a move that takes it to about 6 1/4, and then maybe as high as 7.00. Those are the targets going forward. EXCO Resources Inc. (XCO), a junior oil stock, has had a long declining pattern that reversed, pulled back, formed a left shoulder and right shoulder, and has a beautiful base. If it starts moving up to test the declining topsline and moving averages, watch for a move across 8 1/4. If it gets through that, this stock could rip and get up around 10, and then 12 1/2. Other stocks in our Charts for the Day are Ellie Mae, Inc. (ELLI), Glu Mobile, Inc. (GLUU), Horizon Pharma, Inc. (HZNP), Nationstar Mortgage Holdings Inc. (NSM), Orexigen Therapeutics, Inc. (OREX), Synacor, Inc. (SYNC).
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