Micron, Kodiak Oil & Gas, 2 Others Are Momentum Stocks to Watch
NEW YORK (TheStreet) -- Despite the market's weakness on Wednesday, here are four stocks we follow that showed continued momentum.
BioDelivery Sciences International (BDSI) had a key breakout on Wednesday. The stock has been in an uptrend since the start of the year when it broke out of a year-long base. It rolled over in April, holding lateral support, and then resumed its up move, consolidating for the last week and a half. On Wednesday it spiked 1.41, or 4%, to $11.41 on three million shares, taking out lateral resistance at the year's highs. The top of the channel says $12 short term, with the next target $14 intermediate term.
Clean Diesel Technologies (CDTI) also broke out of a base earlier in the year, running from the $1.50 area to $3.50 in January, before finding support in the $2.25 area. The stock then spiked up to nearly $8, came all the way back down to the pullback lows from January, and held the last three weeks. In the last couple days it started to push up again. On Wednesday it gained 50 cents, or 19%, to $3.14 on 1.8 million shares, appearing to break out of its mini-base. First target is at resistance at $3.50, followed by $4 and then $5.
Kodiak Oil & Gas (KOG) popped on Wednesday, up 33 cents, or 2.5%, to 13.41 on 5.3 million shares. That's the best volume in about two and a half weeks. More importantly, it's a six-week high. Look for a run to the $14 level, maybe $14.10. If it gets through that, look for it to get to $15 and then $17.Micron Technology (MU) had another good day on Wednesday, up 1.48, or 5%, to 30.99 on 55.3 million shares. That's the best volume on an up-day since early February. It looks like it should get up to the mid- to high-$30s. The $35-$37 zone is the target now in a swing trade. See Harry's video chart analysis on these stocks. At the time of publication the author had no position in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. >>Oil Sector Bulls Running as Iraq Violence Escalates
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