There was a big rally on Wall Street on Tuesday afternoon, and a fantastic close to the stock market. A lot of it had to do with the price of oil and the Greek market being up 11%. As a result we’re going to take a look at a lot of oil stocks, solar’s and a few others that we follow.
Breitburn Energy Partners (NASDAQ:BBEP) had a monster move on Tuesday. It has already gone from 4.50 to 9.40, before backing off at 8.90 on Tuesday, up 1.71, or almost 16%, on 12 million shares. There could be some resistance in the 9.40 zone. It did close above the 50-day moving average though. If it moves forward, the targets are 10.35 and 12.00. I’m looking for a better set-up, perhaps a consolidation and flag.
First Solar, (NASDAQ:FSLR) as you know is one of the leading solar companies of the world. It recently dropped from the 73 range all the way down to under 40, and in the last couple days it snapped back. On Tuesday, it broke out above resistance and its moving averages, up 2.68 to 48.15, or almost 6%, on 4.2 million shares. It may very well take a run at the 51 3/4 zone before it pulls back. We’re keeping a close eye on the solar’s as they may be reversing.
Laredo Petroleum, (NYSE:LPI) was up 3.08 to 12.89, or 31.4%, on 10.2 million shares. It has come down dramatically from the July high when it was 31, all the way down to its spike low recently at 7.00, and then it had a reversal. It formed a little coiling base, and in the last two days it’s blown through all of the moving averages, as well as the high around the 11 range reached at the end of December. At this point, if it has reached up to a new channel top, then it may go back and consolidate. But it may very well test the gap in 14-14 1/4, and the major declining tops line, before it does that.
Trina Solar Limited (NYSE:TSL) is another one of the solar stocks that are perhaps in play now, up 97 cents to 10.52, or 10%, on 6.3 million shares on Tuesday. In the last 3-4 sessions, it has broken through the declining tops line and lateral price resistance, and now a run-up toward the 11-11 1/4 range may be in order.
Other stocks on Harry’s Charts of the Day, Basic Energy Services, (NYSE:BAS), Chesapeake Energy (NYSE:CHK)), Canadian Solar (NASDAQ:CSIQ), Direxion Daily Energy Bull 3X ETF (NYSE:ERX), Esperion Therapeutics (NASDAQ:ESPR), Genetic Technologies Limited (NASDAQ:GENE), Integrated Device Technology, (NASDAQ:IDTI), JinkoSolar (NYSE:JKS) , Oasis Petroleum (NYSE:OAS), Parsley Energy, (NYSE:PE), Sanchez Energy Corporation (NYSE:SN), Statoil ASA (NYSE:STO), ProShares Ultra Bloomberg Crude Oil (ARCA:UCO), Unilife, (NASDAQ:UNIS), VelocityShares 3x Long Crude Oil ETN (NYSE:UWTI), Vipshop (NYSE:VIPS)), and ZIOPHARM Oncology, (NASDAQ:ZIOP).