Acacia Research Corporation (ACTG) has had a very nice pattern over the last year and a half, basing out at the end of 2008 and beginning of '09, running up from 2 to about the 10 area, and then consolidating for several months before basing out again. That base was broken in February, and the stock platformed in March and early April, and then it spiked at the end of April before going into another consolidation period. I'm looking for an extension, and it looks to me right now as it starts bubbling underneath resistance here and with the OBV continuously moving higher showing accumulation that this stock should break through and run up to at least the 20 - 21 zone where our trading target lies.
Akorn Inc. (AKRX) broke out today from a two and a half month ascending wedge. That pattern was accompanied by a strong technical thrust as well. It looks to me like we're headed toward the 4 level short-term. My trading target is going to be around 5, up at the 2008 late summer high.
Clean Energy Fuels (CLNE) popped as much as 1.50-.60 today before backing off, still closed up 1.02, or 6.7% on 3.7 million, the heaviest volume in 6-7 weeks. It appears that a big enough base has been built with three tests in the 13 1/2-14 zone. The stock today moved across the declining tops line and may be ready for an assault on the 18 1/2 zone short-term. Target in the 21-22 zone up at the March-April highs.
L&L Energy (LLEN) came out with fantastic earnings today, and the stock moved up a little bit. A continuing move here on strong volume and surging technicals indicates to me the stock is coming out of this triple-bottom, base-type pattern. If it moves through 11-11 1/2, I think it runs to the 14-14 1/2 level, my intermediate-term trading target.
Other stocks to view on Harry's Charts of the Day are ADTRAN Inc. (ADTN), Acme Packet, Inc. (APKT), Star Scientific, Inc. (CIGX), China TransInfo Technology Corp. (CTFO), Power-One Inc. (PWER), Westport Innovations Inc. (WPRT).
