Today I’m going to go over the longs in our portfolio and give you an update on what’s going on technically with them.
Starting off with Astrotech Corp. (ASTC), a nice channel underway calls for a move that takes this into the 7-8 zone on a longer-term basis, which is about triple where it is right now. Short-term, the Sept–Oct highs up in the 3.60–4.00 zone would remain the short-term targets with some additional overhead resistance just above that around 4 1/4. My trading target on this now is around 5.50, or about a double, particularly if the market cooperates over the next three weeks or thereabouts.
Netlist Inc. (NLST), which had a huge surge in November on major volume, is in a declining channel. It had a nice little surge a few days ago, but couldn’t get through the declining topsline, moving averages, and lateral price resistance, and backed off on even lower volume. The volume wasn’t enough to break through. What I’m looking for is an eventual move up, completing a kind of rounding bottom or head-and-shoulders bottom to take out the 4.50-.55 area. This area is key. It’s lateral price resistance, 50-moving average and if we get there it will have taken out the entire declining channel tops as well. That’s what to look for going forward with NLST, hopefully.
PositiveID (PSID) is one we added today because of its big price-volume surge. as the stock traded 12 million shares. That’s the second biggest volume in its history. That’s significant because it took out the early February and late December highs, tested the early November high and then backed off, but closed well, up 56 cents or 47 percent. It’s certainly a nice price-volume surge. If we can get over today’s high through the 2.00 range, I’m looking for 2.80-.85, maybe as high as 2.95–3.00.
Lastly today is Taser International (TASR), which had a nice spurt recently taking it from 5 1/2 to 7.84 or so. It pulled back yesterday and bounced 26 cents today. I like the overall configuration, normal pullback off the key resistance zone. I’m looking for a test of the 8-8.15 zone. If we get through that, then the stock will have a much more substantial movement. We’re going to need volume on this, but so far the overall pattern price-wise technically and volume-wise looks pretty good to me.
Other stocks to view on Harry’s chart tonight are Cyclacel Pharmaceuticals Inc. (CYCC), Pacific Ethanol (PEIX), Somaxon Pharmaceuticals (SOMX).
