HERO, MSPD, RAX, SMBL - Stock Charts to Watch
Charts of the Day video for Tue December 18th 2012
What a fantastic day the stock market had on Tuesday. There were breakouts all across the board and it looks like there’s quite a bit of momentum. We’re getting a little bit over bought, but we can maintain that for a while. As for now, we’re going to go over some longs.
Hercules Offshore, Inc. (HERO) had a nice move on Tuesday, up 43 cents to 5.82, or 8%, on 7.8 million shares. It broke out of a little pennant that formed in the last couple weeks, and through key-lateral resistance. Looking at the overall chart patterns, the highs from earlier this year, and from October, were broken out on Tuesday. Short-term target is around 6 1/2, and if it gets through that, look for something at 7, then 8, and then 9 1/2. So keep an eye on this one.
Mindspeed Technologies Inc. (MSPD) had a nice day on Tuesday. If you look at the chart closely you will see that the pennant that formed the last two weeks broke through cleanly, and then right up to the next target range at resistance around 4.35 - 5.00. If it gets through there, the top of the channel around 5.00 should be tested. The secondary target is around 5.90-6.00, and beyond that, even higher, around 6 1/2. Look for this stock to continue to move over the next few weeks. In the meantime, it’s developing a nice, big channel, with technicals improving as well.
Rackspace Hosting, Inc. (RAX) had a big day on Tuesday. The November and December highs double-top was broken on Tuesday as it went from 68.81 to 73.36, an all-time high on this stock, and closed at 72.44, up 3.89, or 5.67%, on 3.6 million shares. This stock has been moving up for 3 years now. At this point, it could be headed up toward the mid 80’s, and then to the high 90’s.
Smart Balance, Inc (SMBL) is looking pretty good. It ran from the June highs up, tested, and then ran up to even higher levels, consolidated for 4 months, took a quick dip and snapped right back, and consolidated bullishly in the $12-range. It then broke out on Tuesday, jumping to 13.51, and closed up 60 cents to 13.29, or 4.7%, on nearly a million shares. That’s the biggest volume in about 3 weeks. It looks like it has broken out, and the all-time high back in 2007 shows it at about 14. That’s the short-term target on this one. If it gets through that, look for 17 as the intermediate-term target.
Other stocks on Harry’s Charts of the Day are 3D Systems Corp. (DDD), Ellie Mae, Inc. (ELLI), Hercules Offshore, Inc. (HERO), Kodiak Oil & Gas Corp. (KOG), Mindspeed Technologies Inc. (MSPD), Rackspace Hosting, Inc. (RAX), Silicon Motion Technology Corp. (SIMO), Smart Balance, Inc (SMBL), TASER International Inc. (TASR), USG Corporation (USG).