Today we see a theme in the charts that are presented to you mainly because most of them are either junior oil or junior biotech stocks. But I am going to feature several longs for you to take a look at that I believe the market has a chance of bouncing back in the next couple sessions and may be good for short-term swing-type trading.
Amylin Pharmaceutical (AMLN) has been in a base pattern for about a year and finally broke out, moved across resistance, backed off a couple times, stair-stepped its way higher, yesterday gapped up, pulled back Wednesday, but came about 50 cents off its low on a session that still appears to be a mode where it can move higher. I have a target around the 23 level short-term and current support is around the 16 1/2 area.
Energy XXI (EXXI), an oil and gas service company, has a really beautiful rising channel. The lateral price resistance was taken out when it moved out across the lines from late October to early January. We had a price break away gap and surge about two weeks ago and since then it’s been coiling or flagging on low volume and looking good. Wednesday it jumped 24 cents at the top of this pattern. Next move looking for something close to 4 3/4 and secondary target up around the 6.00 are designated at this point.
Toreador Resources (TRGL) had a beautiful rising channel all year, has moved from 2 to 13+, recently popped, broke out of new highs, had formed a beautiful 4-day flag on low volume. This one looks like a 16 1/2 – 17 dollar stock, my short-term target.
Xyratex (XRTX) which is a current portfolio position, a beautiful rising channel, testing support at 15.83, but I believe that if it moves up and out it gets up around 20 the next trading target.
Other stocks on Harry's list of junior oil stocks are Callon Petroleum (CPE) and McMoRan Exploration (MMR), and the junior biotech stocks are Hollysys Automation (HOLI), Map Pharmaceuticals (MAPP), Momenta Pharmaceuticals (MNTA), Nektar Therapeutics (NKTR), RealNetworks (RNWK), RXi Pharmaceuticals (RXII), Salix Pharmaceuticals (SLXP), Spreadtrum Communications (SPRD).
Chart Info: Harry's Chart of the Day, published each evening Monday through Thursday, features Harry Boxer's video technical analysis on a stock in play. To learn which stocks Harry is adding to his model portfolio, including stops and targets, sign up for a Free 15-Day Trial to his Technical Trading Diary -- which includes both day trades and intermediate-term stock picks. https://www.thetechtrader.com/cgi-bin/fbuser.