I thought the market had an excellent day on Wednesday. Considering the sharp pullback in the morning, the market came back nicely, and closed at the intraday, afternoon rally highs going away. It was a very decent close. That’s three out of four excellent days in a row that it was up. Technicals were great. A lot of stocks seem to be breaking out of their declining topsline and moving averages, and things of that nature. Let’s take a look at some of them.
ConocoPhillips (COP) is an excellent large-cap oil stock, with a very strong surge now seven days in a row. It was up another 13 cents to 55.77, on 13.7 million shares. At this point, it looks like it could pull back, settle in here, and consolidate, which I would love to see because this is set up for a swing trade. Targets are 60, and then 64.
Dycom Industries Inc. (DY) is looking very good, up 3.80 to 77.79, or 5%, on nearly a million shares. This stock has very strong relative strength, probably 99. It’s holding as well as it can. The recent market pullback did give it a little dip to the 50-day moving average, but it went right back up to resistance. The target is 95 going forward. It would make a good swing trade if there’s follow-through on Thursday.
Statoil ASA (STO) had a very good day on Wednesday, up 62 cents to 17.37, or 3.7%, on 5.1 million shares. This stock has gone from 13.00 all the way up to Wednesday’s high at 17.60, running up seven days in a row, with gaps every day. There’s some resistance. I would love to see a pullback. The moving averages are turning over, rolling over, crossing over, and the declining topsline has been taken out with a thrust. Any pullback here may be a buying opportunity, in my opinion. Target is 19 1/2-3/4, and maybe as high as 21 1/2-3/4.
TASER International Inc. (TASR), which had a spike bottom, ran up to resistance, pulled back to the right-handed, extended V, broke out on Wednesday, now up six days in a row. It jumped 1.69 to 25.66, or 7%, on 2.6 million shares. That’s the biggest volume in a six-week period. Look for it to run up to 27, 28, and then 30.
Other stocks on the long side include Bonanza Creek Energy, Inc. (BCEI), Calithera Biosciences, Inc. (CALA), Can-Fite BioPharma Ltd. (CANF), Chesapeake Energy Corporation (CHK), Encana Corporation (ECA), Freeport-McMoRan Inc. (FCX), Natural Health Trends Corp. (NHTC), Pacific Biosciences of California, Inc. (PACB), Transocean Ltd. (RIG), SeaDrill Limited (SDRL), Stone Energy Corp. (SGY), SunEdison, Inc. (SUNE), TASER International Inc. (TASR), Teck Resources Limited (TCK), Twitter, Inc. (TWTR), Weight Watchers International, Inc. (WTW), and Wynn Resorts Ltd. (WYNN).