There were a lot of stocks that broke out on Wednesday, and I would like to show you a dozen, or so, that have either broken the trendline or reached their resistance levels. Let's take a look at them.
Arista Networks, Inc. (ANET) had a good day on Wednesday, up 3.94, or 6%, on 608,100 shares traded. I really like this stock, and I’m probably going to put a swing on it tomorrow. Not only the falling wedge, or the falling channel was broken, but the lateral price support, held for three days. It was very narrow on Tuesday, very quiet on volume, and then boom, it broke out on Wednesday. The next target is up around the 72-3 range beyond that 77, and then we’ll see if it will retest the highs over 80.
Arris Enterprises, Inc. (ARRS), one of our swing trades, has broken out again on Wednesday, up another 1.06, or 3%, on 2.5 million shares. More importantly, that’s the highest level reached in a long time. In 2000 this stock traded all the way up to about 61, but hasn't been back up there since. Let's see if it will reach the mid-channel target up around 39, and then the long-term target is at it's all-time high at 61.
BioCryst Pharmaceuticals, Inc. (BCRX) broke out of a little micro head-and-shoulders, with the head right on the trendline and price support. It appears as though this might break out above the double-triple top at 13.20, or so, at resistance. If so, the next target is up around the 15-6 zone.
GoPro, Inc. (GPRO) had a nice pop on Wednesday, up 2.25, or 5.1%, on 6.4 million shares. That’s still not the volume I’m looking for, but I’m anticipating 48-9 zone, which will get us up to fulfill our swing trade. In the last few sessions it’s gone from 41.23 to 46.34, which is about 5 points. It’s not getting too far ahead of itself, but at some point it may start to spike. It would not be surprising to see new highs in the low 50’s.
Other stocks on Harry’s Charts of the Day are Aegerion Pharmaceuticals, Inc. (AEGR), Amedisys Inc. (AMED), Endocyte, Inc. (ECYT), ExamWorks Group, Inc. (EXAM), Mitel Networks Corporation (MITL), Ruckus Wireless, Inc. (RKUS), the Rubicon Project, Inc. (RUBI), TASER International Inc. (TASR), Tekmira Pharmaceuticals Corp. (TKMR), Tuniu Corporation (TOUR), Voxeljet AG (VJET), United States Steel Corp. (X), and ZELTIQ Aesthetics, Inc. (ZLTQ).