ONXX, SIMO, LQDT, HITK Among Charts to Watch
Posted on November 29, 2011 at 00:50 AM EST
The stock market had a terrific day on Monday, and needs a follow-through to get some kind of turnaround going. Let’s take a look at some of the stocks that did well on Monday to see where we may be headed if there is a follow-through. Onyx Pharmaceuticals Inc. (ONXX) had a big pop out of a 4-week flag on Monday, and the volume soured to 8.3 million shares, which is big volume for this stock. Onyx jumped 5.12 to 43.80, or 13 1/2%. It went up to resistance and backed off. Let’s see if it gets a follow-through and do even better on Tuesday. On the long-term chart there was a major resistance zone in this area. If it gets through it could pop to the high 50s, maybe even as high as low 60s. Silicon Motion Technology Corp. (SIMO) has been acting great and continues to impress. It popped on Monday, up 1.30 to 18.66, or 71/2%, on 653,000 shares. It had a pullback that was very needed, and held at lateral price support. At this point, the channel calls for a move that could take this stock up toward the 24 range. Liquidity Services, Inc. (LQDT) is one that we put out on a swing trade for on Monday because it popped 2.23 to 33.38, or 7.10%. Volume increased to 328,000 shares. Lateral price resistance is right at 33.38. If it gets through here, look for a move to get it into the high 30s. Hi Tech Pharmacal Co. Inc. (HITK) continues to look good. It has an incredible long-term pattern. It popped much higher on Monday, up 2.41 to 40.41, or 6.34%, on only 325,000 shares, but it looks like it's headed to 45 short-term. Other stocks in our Charts for the Day are Momenta Pharmaceuticals Inc. (MNTA), Orbitz Worldwide, Inc. (OWW), Cobalt International Energy, Inc. (CIE), Flotek Industries Inc. (FTK), McMoRan Exploration Co. (MMR), Akorn, Inc. (AKRX), Halozyme Therapeutics, Inc. (HALO), Procera Networks, Inc. (PKT), Susser Holdings Corporation (SUSS), Mistras Group, Inc. (MG), Kodiak Oil & Gas Corp. (KOG), Spectrum Pharmaceuticals, Inc. (SPPI), Medivation, Inc. (MDVN), POZEN Inc. (POZN), Inhibitex Inc. (INHX).
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