NEW YORK (TheStreet) -- The market is increasingly precarious. Here are several trade ideas (both shorts and longs) to watch for this environment from a technical standpoint.

Starting on the long side, McDermott International Inc. (MDR) - Get Report, an oil & gas equipment & services company, has broken to the upside. A six-month downtrend took it down to around $2.00 in February from about $8.00 six months ago. The stock bottomed in an inverse head-and-shoulders pattern, broke out earlier this month and flagged, and now has broken out of the flag. It's has been up four days in a row on increasing volume, and the next target is $4.25 to $4.35, the high from last November.

Rally Software Development Corp. (RALY) has been phenomenal. In a pullback market it has gone straight up, starting with a breakaway gap and four consecutive days rising, taking it to the initial target of $14. On Wednesday it was up $0.95 to $15.37 on nearly a million shares. Keep an eye on the $18 to 18.25 level going forward, which was the high from a year ago.

On the short side, F5 Networks, Inc. (FFIV) - Get Report, after a huge down-gap in January, formed a rising wedge, out of which it has recently broken down. The stock snapped back to resistance, but on Wednesday fell $2.12 to $112.90 on 1.7 million shares. It looks like it could start to fall apart. The pattern looks like a head-and-shoulders top, and a break of the neckline around $107 could lead it down to the low $90s.

Varonis Systems, Inc. (VRNS) - Get Report, a software company which has been going sideways since gapping down last month, finally broke down from its flag on Wednesday. The stock dropped $2.22 to $27.39, and looks like it may be headed to $25 or even down to the $20 range at some point.

See more charts on these stocks in this video analysis.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.