It was a sloppy day on Wall Street on Wednesday, and the indices were lower, but a lot of our stocks did well. Let’s take a look at them.
Calithera Biosciences, Inc. (O:CALA), one of our current swing trades, is doing well. It had a declining topsline, formed a base, broke out, consolidated, held the moving averages, created a new trendline, and on Wednesday, it popped 93 cents to 9.73, or 11%, on 550,000 shares traded. It’s near the resistance level at Wednesday’s high around the 9.80 area. If there’s a spike high at 10.59 may be tested short-term, maybe even taken out. Mid-channel targets are around 11 1/2-3/4-12, 14, and potentially 17.
MaxLinear, Inc. (N:MXL) had a wonderful session on Wednesday, exploding 3.66 to 16.79, or 28%, on 6.7 million shares on a strong earnings report. That move takes out a lot of resistance and the top of the channel. The all-time high is near the IPO high at 19 1/2. The target is 18-19 1/2 going forward. This is resistance in this zone, so it could get a pullback as well.
Paycom Software, Inc. (N:PAYC) has been phenomenal all year, going from 12, and change, to the mid 40s. The significance of the breakaway gap on Wednesday is that it jumped 6.58 to 45.73, or 17%, on 4.5 million shares. That’s big. Mid-channel target is about 49-50. Longer-term target is in the mid 60s.
Silver Spring Networks, Inc. (N:SSNI) finally broke out in a falling wedge on Wednesday, up 1.78 to 14.87, or 13.6%, on 1.8 million shares. It got up to resistance and closed near it. The next target would have to be 18-18 1/2, and then 20 1/2-21.
Other stocks on the long side include BroadSoft, Inc. (O:BSFT), Diplomat Pharmacy, Inc. (N:DPLO), Energy Focus, Inc. (O:EFOI), Genetic Technologies Limited (O:GENE), Globant (N:GLOB), MaxLinear, Inc. (N:MXL), Myriad Genetics, Inc. (O:MYGN), NantKwest, Inc. (O:NK), Solar3D, Inc. (O:SLTD), Trevena, Inc. (O:TRVN), and ZIOPHARM Oncology, Inc. (O:ZIOP).