PERI, NXPI, SGI, SIMO - Stock Charts to Watch
Charts of the Day video for Wed January 16th 2013
The stock market had mixed session on Wednesday. Basically, we’ve been in a consolidation over the last couple days, and Wednesday was no different. Since we still have some stocks on our radar that are looking rather strong, we’ll go over some of them here.
Perion Network Ltd (PERI) has had a major breakout over the last few weeks. It’s taken itself out of a mass, multi-year head-and-shoulders-type pattern that crossed key resistance over the 9.65-.70 range. The rising channel has had a 4-wave up, and now a 5th wave that has hit the top of the channel. One would expect a possibility of a pullback-retest of at least the mid-channel, which could still occur. If momentum is strong enough, though, it may move up even higher, particularly if it takes out the 13-13.10 zone, which it reached on Wednesday for a multi-year post-high for PERI. It did touch that channel and back off. We’ll have to see if there’s any follow-through or not.
Silicon Graphics International Corp. (SGI) broke out of a 3-4 week, trading-range type pattern, which occurred after it broke out to key resistance. The overall structure of this pattern indicated more upside. Look for a move to 14. This is a swing trade of ours, and it looks very good here.
Silicon Motion Technology Corp. (SIMO) recently had the long-term declining topsline taken out, but if we go back even further, it has resistance up in the 24-27 zone. It looks like that’s where this stock is going to be headed. First, it needs to get through resistance in the 16.90-17.05 area, and once it does that, look for more upside that eventually takes it to my swing-trade target in the 22 zone.
Uni-Pixel, Inc. (UNXL) did phenomenal for us. After the breakout, we traded it, it started to move and was another nice trade for us. It was setting up a coil, or wedge, that popped on Wednesday, up 1.42 to 17.77, or 8.69%, on two-thirds of a million shares. The volume and a retest of the highs is forthcoming at 9.67. If that’s taken out, look something in the 22-24 zone potentially next. The timing may be off. If it can consolidate for a few more days, eventually, it will get up there.
Other stocks on Harry’s Charts of the Day are Christopher & Banks Corporation (CBK), Cray Inc. (CRAY) , Cirrus Logic Inc. (CRUS), Opko Health, Inc. (OPK), and Proto Labs, Inc. (PRLB).