BIOF, JAZZ, ONXX, REGI Among Charts to W

BIOF, JAZZ, ONXX, REGI Among Charts to Watch

by Harry Boxer, Mon September 17th, 2012

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There’s lots to talk about here as the market is ripping. Even though the market may not be doing that great, a lot of our stocks are doing very well. At the same time, we want to be careful about rollover potential in the market. It wasn’t a great close on Monday, but it was a nice snapback at the end of the session. We’ll just have to see what kind of follow-through it gets. There are a lot of longs that look great, so we’ll be taking a good look at some of those.

BioFuel Energy Corp. (BIOF) has had a great move, exploding from 3.00 to nearly 11 in just the last week. It popped, pulled back for 3 days, exploded for 3 days, and on Monday, it was up 1.23 to 10.21, or 13.7%, on 2 million shares, which is pretty good volume for this stock. It still has some upside potential, up around the 13-15 zone potentially. Keep an eye on this one.

Jazz Pharmaceuticals (JAZZ) had a key breakout on Monday. It has been in a beautiful rising channel since 2009, going from the single digits to the mid 50’s. Most recently, it formed a big wedge, and in the last few days, it’s gone from 43 to 56, spiking up on Monday to 56.26, jumping 7.17 or 15%, on 4.2 million shares. That’s the biggest volume since May. More importantly, the wedge and previous high were taken out, and it’s now in new all-time high territory. It may extend this run into the mid 60’s, and then the mid 70’s.

Onyx Pharmaceuticals, Inc. (ONXX) is one of our favorite biotech stocks this year. After the big breakaway gap, it consolidated, and then ran up, pulled back, and now it’s taken out key resistance. On Monday, it thrust 4.59 to 81.26, or 6%, on 2.9 million shares. It’s in new all-time high territory. Looking at the long-term chart, this stock may be headed to triple-digit $100-range sometime soon.

Renewable Energy Group, Inc. (REGI) had a big day on Monday, jumping 2.15 to 8.26, or 35%, on 1.7 million shares. That’s the biggest volume in quite some time. It’s up against key overhead resistance, and it very well may pull back, but if it breaks through, look for it to continue to run up toward the 8 1/2 zone.

Other stocks in our Charts for the Day are Neuralstem, Inc. (CUR), Glu Mobile, Inc. (GLUU), Homeowners Choice, Inc. (HCII), MIPS Technologies Inc. (MIPS), Nam Tai Electronics, Inc. (NTE), Peregrine Pharmaceuticals Inc. (PPHM), Rosetta Genomics, Ltd. (ROSG), Repros Therapeutics Inc. (RPRX), inContact, Inc. (SAAS), Sarepta Therapeutics, Inc. (SRPT), and Smith & Wesson Holding Corporation (SWHC).