Biovail Corporation (BVF), a drug delivery company, exploded in June, then formed a beautiful wedge, or coil, broke out, and has been making literally new highs every day. The weekly chart shows this stock has been in a beautiful rising channel for the last couple years, and there's overhead resistance coming up around the 27 1/2 - 28 zone, our initial target. Longer-term target is around the mid 30s. Certainly Biovail looks like it has momentum, volume, and technicals surging. Even though it's near the top of the channel, it seems to want to move higher, and we'll be looking for that 27-28 zone.
Hexcel Corp. (HXL), which has been moving up steadily, particularly since February when it was just under 10, is now nearly double that. Over the course of the prior 3 months it had a nice consolidation going until it reached a breakout. This stock continues to edge higher while the market grinds. I think this is a stock that has potential to be at much higher levels. Short-term target around the 24 level, secondary target around 28.
Ultra Clean Holdings Inc. (UCTT), a junior semiconductor, broke out of a 3-4 month wedge today. Previously, the stock had run from under 1 up to under 11, a 10-fold increase, and it's finally gone into a more lengthy consolidation, but in the last week or so has popped from 8 to a 10.87 high today. Short-term trading target is at 12-12 1/4, intermediate target at 15.
Westport Innovations Inc. (WPRT) continues to look excellent, a beneficiary of the clean air bill in Washington. More importantly, the stock, which has been in a beautiful uptrend since it was 3, is now back over 20, reaching over 21 today. It's making new multi-year highs. The top of the channel is my trading target at 24 - 24 1/2.
Other stocks highlighted on Harry's Charts of the Day are Finisar Corp. (FNSR), Industrial Services of America, Inc. (IDSA), Isilon Systems, Inc. (ISLN), Netlist Inc. (NLST), Opko Health, Inc. (OPK), and Riverbed Technology, Inc. (RVBD).
