Today we’re going to take a look at some stocks on the long side that appear to be doing well.
Delcath Systems Inc. (DCTH) has been in a fantastic rising channel over the last year and a half, having seen a move from under 1.00 to over 16. But in the last six weeks this stock has been coiling and consolidating the big move. The 19-20 range could be doable if we get a breakout above the lateral line at around 15 1/2. That's what I'll be looking for short-term.
The UltraShort Direxion Daily Energy Bear 3X Shares (ERY), a new ETF we're watching, spiked up 1.53, or 12 3/4%, on 5.7 million shares, the biggest volume in the last week. The stock looks like it's broken back out after forming a beautiful rising channel and retesting the bottom of that channel, and is about to retest the highs again. Trading target up around the 15 1/2 - 16 zone is what I'm looking for short-term.
Jones Soda Co. (JSDA) had an exceptionally big day today. It had a big downtrend in '07 and '08, a base, a retest in mid-April, then a 6-week declining channel that was broken last week with a breakaway gap. It was an inside day on Friday. Today it exploded for 80%, up 84 cents to 1.88. Looks like there's more to come. Short-term resistance around 2.40, and beyond that my trading target around the 3 1/2 range.
Universal Display Corp. (PANL) had an exceptional day today, which is the second strong day in the last three. Thursday it popped, followed by an inside day on Friday, and then today it exploded for another 2.20, or 14%, on 1 3/4 million, the heaviest volume we've seen on this stock for years. So, something significant may be ahead. Short-term target is around 20, secondary target around 23 1/2.
Other stocks highlighted on Harry’s Charts of the Day are Coinstar Inc. (CSTR), Competitive Technologies Inc. (CTT), Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), Globalstar Inc. (GSAT), PROLOR Biotech, Inc. (PBTH), Questcor Pharmaceuticals, Inc. (QCOR), Uroplasty Inc. (UPI) and iPath S&P 500 VIX Short-Term Futures ETN (VXX).
