NEW YORK (TheStreet) -- Here are six stocks we're watching that are setting up for continued upside.
Abraxas Petroleum (AXAS), which had been coiling for a few months, popped out in February, retested support, and then ran up hard last month. The stock pulled back and tested the 21-day moving average and then took off again, exploding in the last two sessions. It closed at $4.42 on Wednesday, up 5.5%, on 2.5 million shares. The stock should get to $5.00 in the short term. On a longer-term basis, major resistance comes in at around $6, which is the secondary target.
Neuralstem (CUR) had a nice move on Wednesday as it popped out of a wedge, up 8.3% to $4.66. It has to get through a double-top in the $4.80 area, after which it would be set up to run up to $5.25, and then $6.00.
Flamel Technologies (FLML), a strong junior biotech, is moving. It broke out of a coil last month, retested a couple of times, formed a miniwedge, and then on Wednesday popped $1.29, or 9.8%, to $14.45 on 4.2 million shares. That's the biggest volume on an up day in a couple of weeks. It looks like it's going to retest the high up around $14.95 maybe as early as Thursday, with the target beyond that at $17.00.
Maxwell Technologies (MXWL - Get Report) has a great pattern. It spiked out of its base more than a month ago, and has since made a 5-wave corrective move in the formation of a wedge. On Wednesday, it popped $1.24, or 9.5%, to $14.36 on nearly a million shares to reach the declining tops line of the wedge. If it gets through that, look for it to run hard.
Tower Semiconductor (TSEM), which popped in December and then formed a falling wedge, has since been stair-stepping up nicely in a beautiful channel. On Wednesday, it appears to have popped out of a small, five-day falling channel, gaining 57 cents, or 6.4%, to $9.51 on 331,800 shares. That wasn't good volume, but it was the best in three sessions. If it breaks above $10.00, look for a move to $11.00 and then $12.00.
See Harry's video chart analysis on these stocks.
At the time of publication, the author had no positions in stocks mentioned.
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