CLSN, UNXL, AAWW, HIBB - Stock Charts to Watch
Charts of the Day video for Wed December 12th 2012
Celsion Corp. (CLSN), looking back long-term on a monthly chart, has built a massive 6-year base. It has recently edged above the resistance line of that channel, and looks poised to move higher.
Short-term, it has had a 5-wave move, and then spent about 2 weeks consolidating before it popped out of the wedge on Tuesday. On Wednesday it followed through a little bit to 8.83, reaching my target of 8 3/4 near the top of the channel before backing off a bit, only closing up 8 cents on the session. Nonetheless, it traded 3.2 million shares, and if it does continue up the rising channel, it could reach 11 or 12 shortly.
Uni-Pixel, Inc. (UNXL) had a monster move 2 days ago, exploding from 10 to 15, and even though it made a nominal new high Tuesday morning at 15.61, it backed off Wednesday to 12.88, only to snap back sharply into the close. This is a powerful pattern, and if it does get through 15 1/2-3/4 range, it could spike to 18.
On the short side, Atlas Air Worldwide (AAWW) had a head-and-shoulders top in recent months, and then broke down in late October and took out of the trend line and tested key support going back a year. What has it done since then? Nothing more than form a bear wedge. IF that bear wedge cracks, look for a quick test of 38-39 followed by a plunge into the mid-30s.
Hibbett Sports, Inc. (HIBB), similar to AAWW, had a head-and-shoulders rounded top that appears to have broken. Recently the stock formed a flag or wedge, which broke down on Wednesday, closing near the lows for the day, down 1.60 to 51.10. I would not be shocked to see 47-47 1/2 short-term followed by 43 longer-term.
Our charts of the Day also include Aegerion Pharmaceuticals, Inc. (AEGR) long and Mellanox Technologies, Ltd. (MLNX) short, among others.