CRUS, CSOD, QLIK, SWKS - Stock Charts to Watch
Charts of the Day video for Thu September 6th 2012
It was a spectacular day on Wall Street on Thursday, one of the biggest days in a long time. We’ll going to take a look at some of the longs that are relevant here.
Cirrus Logic Inc. (CRUS) has been acting very well. It has a rising channel that accelerated with a breakaway gap, and now it has a smaller rising channel. In the interim, it had a little 6 or 7-day flag that popped out and extended, and on Thursday, it exploded 2.29 to 44.88, or 5.4%, on 3.7 million shares. At this point, look for something up around 48 short-term.
Cornerstone OnDemand, Inc. (CSOD) InterDigital, Inc. (IDCC) has had a long down trend going back to July 2011, which was followed by a thrust, then a consolidation, another thrust of resistance by another consolidation, and then it stair-stepped its way higher. On Thursday, it jumped 2.11 to 35.67, or 6.29%, on nearly a million shares. That’s the biggest volume in about 4 weeks. Look for an extension that takes this stock up towards 38, maybe as high as 40, short-term.
Qlik Technologies, Inc. (QLIK) has been in a declining channel, it had a break out above the 50-day, then ran up to the neckline, moved back to test the 50-day, and then formed a symmetrical head-and-shoulder pattern. On Thursday, it was up 1.68 to 23.80, or 8%, on 3.2 million shares. A move through here could call for a move up towards the 29-30 zone short-term.
Skyworks Solutions Inc. (SWKS), one of our swing trades, really hesitated some over the course of the last couple months, but finally thrust on Thursday, up 1.98 to 31.18, or almost 7%, on 5.9 million shares. That’s the best volume in about a month. Look for more upside, first to test the 33 3/4 range, and then the swing trade target up around 36.
Other stocks in our Charts for the Day are BioDelivery Sciences International, Inc. (BDSI), Heckmann Corporation (HEK), InterDigital, Inc. (IDCC), Integrated Device Technology, Inc. (IDTI), Impac Mortgage Holdings Inc. (IMH), Isis Pharmaceuticals, Inc. (ISIS), Orexigen Therapeutics, Inc. (OREX), Radian Group Inc. (RDN), Repros Therapeutics Inc. (RPRX), Synta Pharmaceuticals Corp. (SNTA), and Synovus Financial Corporation (SNV).