F, LGF, NUGT, USG Among Charts to Watch
Posted on October 31, 2012 at 22:51 PM EDT
It was an interesting day on Wall Street on Wednesday. There are some interesting stocks moving up, so we want to take a look at a few of those. Ford Motor Co. (F) had a significant day on Wednesday for two reasons. Firstly, a major long-term declining topsline was broken, and secondly, near-term lateral price resistance was broken. Although it has moved up to the top of the short-term channel, it closed very well, just a penny off the high, up 80 cents to 11.16, or 7.7%, on 138 million shares. That’s huge breakout volume. This stock did gap up after earnings report. Right now the next target is at 12 1/4 short-term, 13 intermediate-term, and beyond that 14 1/4. It’s a large-cap stock, and it may take some doing, but it looks good. Lions Gate Entertainment Corp. (LGF) had a significant day as it may have broken out of a little 5- or 6-day flag, up 59 cents to 16.68, or 3.7%, on just under a million shares. It’s in new, all-time high territory. At this point, it looks like this stock could run into the high teens. Direxion Daily Gold Miners Bull 3X Shrs (NUGT), one of our favorites, may have broken out on Wednesday. It moved up 1.45 to 16.55, or 9.6%, on 5.7 million shares. If it gets any kind of follow-through, it should run up to 19 short-term, followed by a secondary move up around 24. USG Corporation (USG) is one of our favorites this year. After the beautiful head-and-shoulder bottom that completed last year, this stock moved up steadily in choppy fashion, but in the confines of a major, rising channel. On Wednesday, it popped another 1.48 to 26.70, or 6%, on 2.8 million shares. It’s headed for higher levels, perhaps to the 30 range short-term, and then to the 34 range. Other stocks in our Charts of the Day are Armstrong World Industries, Inc. (AWI), DigitalGlobe, Inc. (DGI), Eldorado Gold Corp. (EGO), Great Plains Renewable Energy, Hansen Medical, Inc. (HNSN), InterDigital, Inc. (IDCC), Nationstar Mortgage Holdings Inc. (NSM), Nam Tai Electronics, Inc. (NTE), United Rentals, Inc. (URI), Verisk Analytics, Inc. (VRSK).