Here are two longs and two shorts to watch as the market presents both technical breakout and breakdown opportunities.

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1. Callon Petroleum (CPE) - Get Report

Callon has been acting wonderfully since its "V"-bottom in January when shares hit a low of $4.21. The stock has had a series of rallies and flags, and recently flagged again after a big bounce from to more than $11 from about $8 in the second half of April. On Thursday, it edged above the top of the flag, popping 59 cents, or 5.8%, to $10.74, on 4.8 million shares. The junior oil company announced earnings late Wednesday that beat Wall Street estimates, though revenue missed. If the stock can get through lateral resistance from the 2014 high at about $12, then it has a good shot at getting into the $16-$17 zone.

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2. Medivation (MDVN)

Medivation is still pushing its way higher, as takeover suitors continue to circle the cancer drugmaker. The stock is in a beautiful up-channel off its February low under $27 and is currently near the top of the channel. Support to watch on any pullback would $55-$56, while resistance is around $60-$60.40. If it gets through that, this could be a $65-$68 stock.

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3. Eagle Pharmaceuticals (EGRX) - Get Report

On the short side, Eagle has dropped in a series of sharp selloffs followed by rising wedges since its December top of more than $101. The stock appears poised to break down from its current wedge, which it edged below on Thursday, falling $1.32 to $36.26 on no news. The next support level is the recent low around $33. A break of this level could take the stock down toward the channel bottom near $21-$22.

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4. Royal Caribbean Cruises (RCL) - Get Report

Royal Caribbean fell sharply in January, then rallied back for two months in a rising wedge, but it recently broke through the bottom of that wedge. On Thursday it fell another 29 cents to $75.61 on 1.5 million shares on no news. If the stock breaks below recent lows around $74, it could roll over hard, perhaps retesting the February low at about $65.

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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage. At the time of publication, the author had no positions in stocks mentioned.