NEW YORK (TheStreet) -- A lot of stocks we follow continued higher on Wednesday despite the market's decline. Let's look at four of these momentum plays.
Finisar (FNSR) is at the apex of a big rising wedge and looks poised to move higher. On Wednesday the stock edged above its resistance line, gaining 93 cents, or 3.7%, to $25.86, on 5.5 million shares. That's the second biggest volume since December.
It looks like FNSR has the potential to run up to $28.50. If the stock does extend further, it could make its way up to the mid-$30s.
First Solar (FSLR) had a huge day on Wednesday, up 11.84, or 20.5%, to $69.50. That's the biggest move since last April when it popped and pulled back, and we put a swing trade on it in the $37 range with a target in the mid-$50s, which it hit.
The stock had a multi-month consolidation after that, testing support. It ran up in the fall and made a nominal new high before a several-month consolidation that tested the channel bottom. After twice rallying and being thwarted by resistance in recent weeks, the stock had the successful breakout Wednesday on 30.8 million shares.
At this point, there is not a lot of resistance for FSLR. Mid-channel resistance is now at the $80-$83 range, and next target beyond that would be $100-$105.
LiveDeal (LIVE) has a good pattern with great technicals. The stock recently split 3 for 1. It ran up in January, pulled back, made another run up last month, pulled back again and formed a falling wedge, or coil, and on Wednesday, it popped out of the wedge, up 51 cents, or 7.35%, to $7.45 on one million shares. I'm looking to see if it will extend past Wednesday's high above $7.70-$7.75. If so, this stock should move to $9-$9.25, and then retest the high up around $11.50. Stop would be around $6.50.
Real Goods Solar (RGSE) is coming alive. After five days of the doldrums, digesting its recent spike, it popped 25 cents, or 5.7%, to $4.62 on Wednesday on 3.6 million shares. It opened at $4.30, ran up to $4.88 and closed at $4.62, about mid-range, so it didn't close at the highs. A follow through could get the stock up to test recent highs in the $5.65 area, and when that's taken out, look for it to run up toward $7.50.
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.
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