It was an interesting day for a lot of stocks we follow, but not necessarily for the market. It did have an afternoon plunge, which then reversed and ended up near mixed and flat on the day. It wasn’t a big day for the indices, but we’ll take a look at some of the stocks we follow..
BioDelivery Sciences International, Inc. (BDSI) had a key breakout on Wednesday. It has a beautiful base, and since the beginning of the year it had multiple wave run-ups with a spike up, a rollover angle, it came back to fill the gap, held support, run up in multiple waves again, formed a consolidation for the last week and a half, and on Wednesday, it spiked 1.41, or 4%, on 3 million shares. The top of the channel says 12 short term, and then it should make it up toward 14 intermediate term.
Clean Diesel Technologies Inc. (CDTI), after a big move earlier in the year, it had a breakout out of the base at the 1.50 area, ran up to 3 1/2, came back to 2 1/4, spiked up to nearly 8, came all the way back down to the pullback lows from Jan, held the last 3 weeks, and in the last couple days it started to push up again. On Wednesday, it came out of the little base, up 50 cents, or 19%, on 1.8 million shares. There’s resistance at 3.48, so the next target is set at 3 1/2-4, and then 5.00.
Kodiak Oil & Gas Corp. (KOG) popped on Wednesday, up 33 cents, or 2.5%, on 5.2 million shares. That’s the best volume in about two and a half weeks. More importantly, it’s a six-week high. Look for a run to the 14 level, maybe 14.10. If it gets through that, look for it to get to 15, and then 17.
Micron Technology Inc. (MU) had a very good day on Wednesday, up 1.48, or 5%, on 55.3 million shares. That’s the best volume on an up-day since early Feb. It looks like it’s trying to get up to the mid to high 30’s. The 35-37 zone is the target now in a swing trade.
Other stocks on Harry’s Charts of the Day are Amkor Technology, Inc. (AMKR), BioCryst Pharmaceuticals, Inc. (BCRX), Celldex Therapeutics, Inc. (CLDX), Callon Petroleum Company (CPE), Dex Media, Inc. (DXM), FireEye, Inc. (FEYE), Globalstar Inc. (GSAT), Northwest Biotherapeutics, Inc. (NWBO), OmniVision Technologies, Inc. (OVTI), Rackspace Hosting, Inc. (RAX), Rambus Inc. (RMBS), Skyworks Solutions Inc. (SWKS), Tarena International, Inc. (TEDU), and Net 1 Ueps Technologies Inc. (UEPS).
Days to cover is the amount of short interest divided by the company’s average daily share volume. In other words, the number of days required to close out all the short positions. A higher number means more potential fuel to a stock’s rally as shorts cover, and thus accelerate the move, when the stock’s price rises.
On Balance Volume (OBV), developed by Joe Granville, is a running summation of volume on up-days minus volume on down days. OBV rises when volume on up days outpaces volume on down days -- and falls when volume on down days is stronger. A rising OBV reflects positive volume pressure that can lead to higher prices. Conversely, falling OBV reflects negative volume pressure that can foreshadow lower prices.