It was a pretty good day on Wall Street on Tuesday, particularly in the morning, and there was a nice close. Some of the stocks that we follow did well, and a few new ones stuck out, so we’ll take a look at those.
Arista Networks, Inc. (ANET) is a new issue. It had a nice run-up in June, formed a wedge, then popped out, formed another wedge, and it looks like it’s starting to pop. It had a very nice day on Tuesday, up 2.28, or 3.6%, on low volume. It needs to get some volume. The targets are 72, and then a retest of 77-78. The stop has to been under 62.8.
Arris Enterprises, Inc. (ARRS) was looking well on Tuesday. We put a swing trade on it May, it worked its way up to the first target, then pulled back in a nice falling wedge. It has a nice parallel channel. It was up 1.29, or 1.9%, on 3.2 million shares. It’s has to take out 34-34.15. Longer term, it looks like it will make it to 37, and then the low-to-mid 40’s.
GoPro, Inc. (GPRO) is also a new issue, and has had a beautiful run up, then it came down, snapped back, reversed, retested, and is forming a wedge. Tuesday was an up day and an inside day. It was up 1.52, or 3.66%, on 5.8 million shares. If this stock can get above 43-44, then it should explode and test the highs in the 50’s. If it reverses, below 40 would be a stopping point, and if it gets below the 39 3/4-40 range, potentially, it could head toward a test of 36.
GW Pharmaceuticals (GWPH), a stock we’ve liked all year, did well on TuesdLay. It formed a wedge in June in the mid 50’s, and then worked its way up to 111.00. Now that it’s pulled back, and retraced about 50%, I’m confident this stock needs to make a new move here. There is some resistance up around 94-95, which is the short-term target.
Other stocks on Harry’s Charts of the Day are Alcoa Inc. (AA), InvenSense, Inc. (INVN), InterMune Inc. (ITMN), OmniVision Technologies, Inc. (OVTI), Pixelworks, Inc., Steel Dynamics Inc. (STLD), 500.com Limited (WBAI), 58.com Inc. (WUBA), and Zhone Technologies Inc. (ZHNE).