NEW YORK (TheStreet) -- As the market remains volatile, we're going to continue to look at both longs and shorts here.
Electronic Arts (EA) exploded on Wednesday, up $5.90, or 21%, to $33.40 on 24.8 million shares. That was a clean breakout. The stock's been in an upward trend since 2012, and now has a target in the $38 to $40 zone.
Penn Virginia (PVA) also did very well on Wednesday. It's one of the best in the junior oil sector. In less than a year, it's gone from $5.00 to $18.00, and on Wednesday it was up $1.59, or 10%, on 6.3 million shares. It opened Thursday at $17.91. The top of the channel projects to $21, which is the target.
On the short side, WageWorks (WAGE) is getting crushed. It rolled over in February, stair-stepped its way down, with a few breakouts along the way, and on Wednesday it was down another $2.90, or 7%, on low volume. It's right on the support zone and near the gap. It may get a bounce, but if it breaks here, it could drop another 3 or 4 points. The stock opened on Thursday at $37.25.Workday (WDAY) looks interesting. It spiked up in March, but reversed itself, and formed several bear wedges. The declining topsline is still intact. It was down $5.78, or almost 8%, on 6 million shares on Wednesday. Based on the pattern and level of support, it would not be surprising to see this stock take a shot at $60 to $61 before it reverses. Thursday just after the open, Workday stock was trading at $67.85. Other longs to watch are Chesapeake Energy (CHK) and Nabors Industries (NBR). Shorts include Barrett Business Services (BBSI) and ServiceNow (NOW). See Harry's video chart analysis on these stocks. >>Read More: Stay Away From Infosys >>Read More: Video: Silver Volatility Hits a Decade-Long Low, and Here's How to Trade It >>Read More: Why HP May Be Next Cloud Bubble to Pop At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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