Day Trading with Harry Boxer

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BBEP, LGND, OREX, SRNE - Stock Charts to Watch RSS

Charts of the Day video for Wed March 4th 2015

Public Charts of the Day
The markets are looking toppy, but....

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It was a sloppy day on Wall Street. The markets are looking toppy, but many of the stocks we trade really did well, in the right sector at the right time, of course.

Breitburn Energy Partners L.P. (BBEP) is one of the better looking junior oils. After coming down and forming a left shoulder-head-right shoulder, with the right shoulder being more of a falling wedge, it popped on Tuesday, up 67 cents to 7.88, or 7.8%, on 8 million shares. It’s going to have a little bit of resistance at about the 8.15 level on Wednesday, but it may very well test higher levels at 8.99, which would be the resistance zone. If it gets through that, the targets are 10 1/4, and then 12 1/4.

Ligand Pharmaceuticals Incorporated (LGND), after the big run-up, had a sharp pullback at 80 down to the low 40’s in a 5-wave decline, taking about nine months or so, and then it ran up to resistance, pulled back, formed a kind of right shoulder, then a left-shoulder, then a right shoulder, inverse-type shoulder. It had a fantastic breakout on Monday, and then again on Tuesday, up 2.87 to 66.45, or 4.5%, on a million shares. Look for a run to test the 70-71 zone short-term. Secondary target is near the 79-80 zone.

Orexigen Therapeutics, Inc. (OREX) had a monster day on Tuesday, up 1.85 to 7.64, or 32%, on 95 million shares. That number of shares is unheard of for this stock. It has a massive double left shoulder-head-right shoulder, the neckline was broken, so was secondary resistance, and then it popped all the way up to the upper channel before backing off. It did give back about 1.70, but still closed up 1.85, so it closed just above midrange. Let’s see what kind of follow-through it gets. The targets going forward are 9:00 and 11.00.

Sorrento Therapeutics, Inc. (SRNE) has been acting well. In good or bad markets its been holding steady. It did have a little bit of a 4-day pullback. On Tuesday it reversed from 12.60 to 13.26, and closed 6 cents off the high at 13.20, or 2.6%, on 123,600 shares. A nice reversal, not a lot of volume. See if it can get through the 13.26 area, and then move into the 15-dollar area.

Other stocks on Harry’s Charts of the Day included Advaxis, Inc. (ADXS), Ambarella, Inc. (AMBA), Capnia, Ioresnc. (CAPN), Gogo Inc. (GOGO), Merrimack Pharmaceuticals, Inc. (MACK), McDermott International Inc. (MDR), NewLink Genetics Corporation (NLNK), Ohr Pharmaceutical, Inc. (OHRP), Sanchez Energy Corporation (SN), Tower Semiconductor Ltd. (TSEM), Unilife Corporation (UNIS), Intrexon Corporation (XON), and ZIOPHARM Oncology, Inc. (ZIOP).