On the long side I wanted to point out some stocks that are holding up fantastically in this market, some of them even breaking out.
In front of you, we have Anika Therapeutics, Inc. (ANIK), which had a big pop in August, backed off, and then based out for about two months. Last week it broke out, and over the last couple of days it’s pulled back very gently on lower volume. Technicals holding up very well. This could be a bull flag in the making, and if it does get to 8.00 on any kind of volume, it looks like a $10 – 10 1/2 stock.
Human Genome Sciences (HGSI) had Human Genome Sciences a big day today, as you can see, gapped across key resistance in this zone right here, on huge volume of 40 million shares. It did back off but it’s still up 5.71 on the day, a key breakout to a multi-year high -- the highest level it’s reached since 2002, or 7 years. It augurs well for future price progress, particularly with several firms upgrading this stock and a potential take-over there as well.
Kongzhong Corp. (KONG), which did have a break down last week, but snapped back sharply, is up 1.47 today on big volume and it’s closing right at or just above the moving averages. We need a follow through that takes out the 16 – 16.15 area, and then from there, potentially, this stock can recover the trend channel and move up to higher levels.
Revlon Inc. (REV), which just has been monstrous since its recent earnings report, broke out of a key basing pattern last Thursday with a price-volume surge, and it’s followed through in the last two sessions today, up another 1.64 to cross 10.00, the highest level in years, in a year, I should say. This is a reverse split, of course. Look at the long-term channel. We’re looking at a stock that has been in a, literally, a 10 -11 year down channel, and it’s at the top of that channel right now. This is a key level of resistance for it, and if it could break through here you could see a very quick, sharp move that could take us up towards 13 -14 or more.
Other stocks that are holding up well in this market discussed on Chart of the Day are APAC Customer Services (APAC), Alpha Pro Tech Ltd. (APT), China Technology Development Group Corp. (CTDC), Protalix Biotherapeutic, (PLX), and Oiao Xing Mobile Communication Co., Ltd. (QXM).
That’s it for tonight. Be very careful out there.
For more of Harry Boxer, sign up for a
FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or add your email to be alerted when Harry posts a new video -- see below.
