AEGR, BGMD, CREE, NXPI Among Charts to Watch
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The stock market had an interesting day on Tuesday, exploding to new highs, coming down earlier, but then bounced back to end positive on the session. The rally continues, so we won’t focus on the short side just yet.
Aegerion Pharmaceuticals, Inc. (AEGR) has had a beautiful base for most of this year. It had an explosive move for three days in October, taking it from 14 to about 23, it pulled back, popped up to a nominal new high, and backed and filled. At that point, it formed a wedge, broke out of the wedge, but the volume wasn’t big enough to sustain it, and failed at the prior highs, only to pull back again to the support level. It held, and on Tuesday, it popped 1.17 to 21.66, or 5.7%, on 433,500 shares. The volume was extraordinary, but this could be the beginning of a move, so keep an eye on this, especially if it gets across 23, because it may make a more substantial move and test the 26 level.
BG Medicine, Inc. (BGMD) had a monster move on Tuesday from 1.47 to 3.50, closing at 3.38, up 2.05, or 154%, on 9.1 million shares. That's the biggest volume ever on this stock. It had a key breakout that will probably get some follow-through. A new trend could be under way. The target is set for 3.85-4.00. Be watching to see what happens.
Cree, Inc. (CREE) had a very long downtrend, dropping from the 80’s down to 20, it moved back up, moved back down, formed a wedge, the wedge was broken with a breakaway gap, and it has stair-stepped its way higher. On Tuesday, it was up 1.17 to 34.69, or 3.5%, on 2.8 million shares. That was the best volume in a couple weeks. Look for a test of the 37-37 1/2 level short-term. The intermediate target is 43-45.
NXP Semiconductors NV (NXPI) has been pretty choppy this year. A wedge has formed that was broken on Tuesday, up 1.22 to 25.04, or 5%, on 1.7 million shares. If it should get through the 26-271/2 zone, look for something up around 33.
Other stocks on Harry’s Charts of the Day are Acura Pharmaceuticals Inc. (ACUR), Acme Packet, Inc. (APKT), Ariad Pharmaceuticals Inc. (ARIACelsion Corp. (CLSN), Molycorp, Inc. (MCP), Research In Motion Limited (RIMM), Raptor Pharmaceuticals Corp. (RPTP), and Synta Pharmaceuticals Corp. (SNTA).
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