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Closing Technical Market Analysis for Thu April 24th 2014
These are the Charts of the Day. It was a difficult and choppy market on Wednesday, and difficult going against the tide, but we were fairly successful. We’ll take a look at some stocks of interest on both the long and short side.
Sanmina Corporation (SANM) had a very important breakout on Wednesday, up 2.64, or 14.46%, on 4 million shares. It stepped through resistance, and then through key resistance, up to secondary resistance as well. The next target is 27.
SodaStream International Ltd. (SODA) popped on Wednesday, up 4.33, or 10.7%, on 8.5 million shares. It broke out across a double top, the declining topsline and 5o day. It was a good technical move. Let’s see if it can fill the gap up around 49 1/2, and then the secondary target would be at 51 3/4.
Stocks on the Short Side.....
ITT Educational Services Inc. (ESI), a swing trade on the short side, but it moved back up a little bit, but on no technicals. Wednesday, it reversed down off of the channel. It looks like it’s headed much lower, maybe even down toward the low 20’s.
Home Inns & Hotels Management Inc. (HMIN), current swing trade put on Wednesday. It has come down four legs already, and may be due for a fifth leg down, which could take it down toward 25-26.
Other stocks on Harry’s Charts of the Day are Alcoa Inc. (AA), Chart Industries Inc. (GTLS), BioFuel Energy Corp. (BIOF), Callon Petroleum Company (CPE), GW Pharmaceuticals (GWPH), Helix Energy Solutions Group, Inc. (HLX), Matador Resources Company (MTDR), Sanmina Corporation (SANM), SodaStream International Ltd. (SODA), Tsakos Energy Navigation Limited (TNP), Warren Resources Inc. (WRES), Stocks on the short side include Barrett Business Services Inc. (BBSI), Chart Industries Inc. (GTLS), China Lodging Group, Limited (HTHT), Nationstar Mortgage Holdings Inc. (NSM), Splunk, Inc. (SPLK), and Workday, Inc. (WDAY).
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