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4 Momentum Plays: Dangdang, Zynga, Power Plug, Gold Miners ETF

Stocks in this article: DANG ZNGA NUGT ZNGA

NEW YORK ( TheStreet) -- Many of the stocks we follow came back big time on Thursday and are showing strong momentum, despite all of the ugliness in the market on Wednesday. Here are four to watch.

E-Commerce China Dangdang  (DANG), which pulled back to support on Wednesday, has formed a nice, orderly flag, or rest, off its recent surge. The stock, which rose from under $10 to $18.50 from Feb. 26 to March 7, looks poised to bounce from this support level and continue its up-move.

Look for DANG to get up into the $22 to $22.50 zone, which is the top of its current channel. At the close, the stock was at $15.79, down 5.79%.

Plug Power  (PLUG), which had a big downside reversal off Tuesday's $11.72 high, got down as low as $5.32 on Wednesday before rallying to $7.40. The stock settled back to close at $6.80, up 77 cents, or 13%, on 141 million shares, reversing off the 20-day moving average.

We'll have to see if there's a follow-through on this stock, which is up from the $1.50 level at the start of the year. At the close, the stock was at $8.01, up 17.79%.

The ETF Direxion Daily Gold Miners Bull 3X Shares (NUGT) popped $4.33, or 9%, to $52.69 on Wednesday on volume of 5.5 million shares. The stock had been flagging in the $48-$52 zone for the last couple weeks, and Wednesday's move may be the beginning of a rally that takes NUGT to test $60, and then $70.

NUGT closed at $56.93, up 8.05%. 

Zynga (ZNGA) has been in a flag pattern for the last five to six days, and on Wednesday, it had the highest close in the entire move, up 14 cents, or 2.5%, to $5.79 on 35.8 million shares. If it gets up through $5.85-$5.90, it could see $6.50 to $6.75.

The stock closed at $5.52, down 4.66% on Thursday.

See Harry's video chart analysis on these stocks.

At the time of publication the author held no positions in stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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