QIHU, SODA, TAOM, ZAGG Among Charts to Watch
Posted on July 14, 2011 at 09:35 AM EDT
It was an interesting market on Wednesday. They started off strong in the morning, and rolled over hard in the afternoon. Although they closed up on the day it was still disappointing for the bulls. Yet, a lot of the stocks we follow had a good day. Let’s take a look at some of those. Qihoo 360 Technology Co. Ltd. A (QIHU) has been coming back after the IPO. This stock never had a sell off from the 36 range down to the 16 range. It double-bottomed, moved back up, got to resistance and backed off, and then consolidated for a couple days. Wednesday it popped 1.90 to 23.92, or 8.6%, on 1.6 million shares, the biggest volume in about two and a half weeks. It’s now above the 50-day, and just had lateral resistance, so it can extend here. Targets are set at 27 1/2 short-term, and maybe as high as 30 1/2 intermediate-term. SodaStream International Ltd. (SODA) has an awesome pattern running up from about 50 1/2 to nearly 80 in just a couple weeks. It finally backed off on some profit taking, but reversed on Wednesday, up 5.05 to 71.92, or 7 1/2%, on 1.6 million shares. If it continues and breaks out of the pattern right at the declining topsline it could move even higher. The next target is 80 - 81 short-term, secondary target is in the high 80s. Taomee Holdings Ltd. American D (TAOM) is a recent IPO and popped right after the IPO, pulled back in a wedge, popped three more times to retest the highs but couldn’t get through, had a three-day flag, and then on Wednesday it exploded going from 10.82 to 13.25, before backing off to12.29. Still, it was up 1.60, or 15%, on 1.2 million shares traded. That’s the second heaviest volume in the last month. It looks like it could extend further. Target it set at 14 1/2 - 15. ZAGG Incorporated (ZAGG) pulled back in a two-week orderly pullback channel, held lateral price support, 50-day moving average support, and trend line support, started to move on Tuesday, and then on Wednesday it popped 1.19 to 14.35, or 9%, on 4.6 million shares. Volume is increasing. It looks like this stock may retest the highs at 15.85. The short-term target is 18 1/2-3/4. Other stocks in our Charts for the Day are Agilysys Inc. (AGYS), Clean Energy Fuels Corp. (CLNE), Glu Mobile, Inc. (GLUU), ICAgen Inc. (ICGN), Immunogen Inc. (IMGN), Miller Petroleum, Inc. (MILL), Ocz Technology Group Inc. (OCZ), PROLOR Biotech, Inc. (PBTH), Rediff.com India Ltd. (REDF), Spectrum Pharmaceuticals, Inc. (SPPI), VirnetX Holding Corp (VHC), Westport Innovations Inc. (WPRT).