It was an interesting day for the market on Tuesday. They were up in the morning, down in the afternoon, and kind of a consolidation day. At the end of the day there were still a lot of stocks that we follow that did well. Let’s take a look at some of them.
Mattel, Inc. (O:MAT), which we put a swing on Tuesday, had a disappointing close, up 93 cents to 24.71, or 3.9%, on 18 million shares. That’s the biggest volume since April. This stock is running. It looks like it has a bottoming pattern. Let’s call is a head-and-shoulders. It broke through the declining topsline, and the next target is a run at 17 1/4, and through that, look for 30 plus. It has 11 days to cover.
Omega Protein Corporation (N:OME) continues to run. It was up 70 cents to 23.36, or 3%, on 882,823 shares traded, on Tuesday, and has 3.7 days to cover. It’s at the top of the channel, and has had 5 waves up. It is over extended and may pull back and accelerate, but eventually, momentum and the target are in the mid 30’s.
Tower Semiconductor Ltd. (O:TSEM) broke out two or three days ago, and has been consolidating for three days on low volume, closing up 43 cents to 15.35, or 2.88%, on 500,000 shares traded on Tuesday. It’s about to pick back up again. Look for a test of 17, which is the next target, followed by 18 1/2, or thereabouts. It has a nice, little bottoming pattern, 4.3 days to cover.
Zendesk, Inc. (N:ZEN) looks really good, and is coming out of a swing trade, up 1.00 to 23.98, or 4.35%, on 1.1 million shares on Tuesday. After the IPO it had a big pop, and then consolidated for a year, and now it’s moving up. Resistance at 24.70 needs to be taken out to reach the target at 27-27 1/2.
Other stocks on the long side include Globant (N:GLOB), Ebix Inc. (O:EBIX), Integrated Device Technology, Inc. (O:IDTI), Loxo Oncology, Inc. (O:LOXO), Neurocrine Biosciences Inc. (O:NBIX), Nuance Communications, Inc. (O:NUAN), Omega Protein Corporation (OME), Pacific Biosciences of California, Inc. (O:PACB), PTC Therapeutics, Inc. (O:PTCT), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Vuzix Corporation (O:VUZI), and Yandex N.V. (O:YNDX).