These are the Charts of the Day. It was a wild and crazy day on Wednesday that ended negative, but it took back half the losses at the end of the day. Much of the losses were due to the FOMC announcement. However, a lot of our stocks went up, in any case, so we’ll take a look at some of them.
Finisar Corp. (FNSR) has a very large basing-apex pattern with a rising wedge. After the base was broken early 2013, it ran up, pulled back, and looks like it's on the fifth leg up. On Wednesday, it opened at 25.01, ran up to 26.19, and closed at 25.86, up 93 cents, or 4%, on 5.5 million shares. That’s the second biggest volume since Dec. It looks like it has the potential to run up to 28 1/2. If FNSR does extend further, it could make its way up to the mid 30’s.
First Solar, Inc. (FSLR) had a huge day on Wednesday, the biggest since last April when it popped and pulled back, and we put a swing trade on it in the 37 range. It came down in a 3-wave corrective pullback, formed a multi-month consolidation to test support, thrust to nominal new highs, came down in a down channel testing the channel bottom, ran up to resistance and pulled back twice, and on Wednesday, it exploded 11.84, or 20 1/2%, on 30.8 million shares. It reached as high as 70.99 and closed at 69.40. At this point, there is not a lot of resistance once it gets past the 60.40 range. Mid-channel resistance is now at the 83 range, which is the next target. Beyond that, look for it to reach up to 100-105. If it pulls back to 66-7 on Thursday, we’ll put a swing on it, so you might want to keep an eye on it.
LiveDeal, Inc. (LIVE) has a good pattern, great technicals. It ran up in Jan, pulled back, made another run up, pulled back again and formed a wedge, and on Wednesday, it popped out of the wedge, up 51 cents, or 7.35%, on 1 million shares. Looking to see if it will extend past Wednesday’s to 7.70-.75. This stock is going first to 9-9 1/4, and then to retest the high up around 11 1/2. If we’re wrong we’ll put a stop on it.
Real Goods Solar, Inc. (RGSE) is coming alive. It popped 25 cents, or 5.7%, on 3.6 million shares. It opened at 4.30, ran up to 4.88, and closed at 4.62. Still waiting for it to run up to test 5.65, and when that’s taken out, look for it to run up toward 7 1/2.
Other stocks on Harry’s Charts of the Day are Century Casinos Inc. (CNTY), Digital Power Corp. (DPW), GT Advanced Technologies Inc. (GTAT), Horizon Pharma, Inc. (HZNP), Inovio Pharmaceuticals, Inc. (INO), IsoRay, Inc. (ISR), Kongzhong Corp. (KONG), Prothena Corporation plc (PRTA), Synthetic Biologics Inc. (SYN), and Unilife Corporation (UNIS).