Today I’m going to do a mid-week portfolio review, something new, perhaps I’ll be doing on a weekly basis to give some of you who own these positions a mid-week update.
Converted Organics Inc. (COIN), which has been in a coiling type pattern for the last several months, is building a nice base. It has good technicals, the OBV surged today as did the volume, the heaviest in six weeks. The problem was that the stock did not hold onto its gains. It reached up towards resistance at the top of the coil and backed off. We’ll have to see if it will come on again and take out the 1.38 level, but the 1.60-1.65 zone is the key resistance. If it gets through that, I think the stock will be on its way to additional, maybe even strong percentage gains.
Hansen Medical Inc. (HNSN) had a critical price volume surge Monday that took it out across a four or five month declining topsline. Where it failed, at least at this go round, was the major declining topsline for the past two years. It backed off there, then went down 49 cents today. Very disappointing. The volume was about a third of what it was yesterday (Monday). This stock could resurrect and come back and fill in the area flag, then move higher from there.
Planar Systems Inc. (PLNR) had a big surge and has coiled into a consolidation on low volume. The technicals which had gone negative have now turned back to neutral. This stock may be ready to make a move and when it does, I’m looking for 4.20 on it, and beyond that 5.20 is my target.
Westport Innovations (WPRT) had a good performance today, up almost 11%. 1.12 gain reaching as high as 11.97. That’s a new multi-month high, 2009 high. The next target would be up around 13-13.5 zone, which I believe could be reached shortly. Today’s volume, which was 748,000, was the heaviest in 3½-4 weeks. That could mean it’s headed to the top of the channel, which could take it up to 16-16.5.
These are the stocks for today. Keep watching to see what happens. Most of them look good but you never know in this market.
