There are a number of strong charts out there, especially with Wednesday's late market rally providing momentum. Here are four, in particular, to watch.
Mattel continued to rally on Wednesday after releasing earnings on Tuesday, up another $1.30 to $31.76 on 17 million shares. It blew past my first target, reaching my second target at $32.20 intraday. There's resistance up in that area. This stock has now risen more than $8, or 33%, from an intraday low of $23.85 on January 20. Target is $34-to-$34.50 next, but the stock may need to back and fill and consolidate first.
Rovi is a multimedia software company and continues to act well, rising steadily in a six-week up-channel after gapping up in late December. On Wednesday it gained another 77 cents, or 4.1%, to $19.53 on one million shares on no news. The stock looks like it wants to test and take out recent highs around $19.75. Beyond that, targets are $22.50 and $25.
VirnetX, which exploded in mid-January and consolidated, exploded again on Wednesday, up $1.10, or nearly 30%, to $4.79 on 4.1 million shares. The move came on an expected patent infringement win against Apple, which was announced after hours. Breaking out of the bull wedge, the stock was hovering near $9 afterhours. Through that, and next targets are $11 and then $12.50.
Intrexon is one of our favorite biotechs. It had a big reversal bar last month after a huge 5-month decline. It is now in a distinct up-channel and butting up against lateral resistance at around $33, where it has stalled for five days. If it gets through that resistance, watch for $38-to-$39 next.
See Harry’s video chart analysis on these stocks.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.