Here are four stocks in a range of industries with charts pointing to continued technical momentum.
1. Bristol-Myers Squibb Company (BMY) - Get Report has a beautiful long-term chart illustrating the rising channel of the last seven years. The stock had gotten as high as $75 in 1999 before dropping to the high teens by 2009, and now is approaching that all-time high again. On Thursday, it was up another $1.58 to $72.26 after the drugmaker reported earnings and revenue that beat estimates. Volume was 13.7 million shares, the second biggest volume on an up day since October. The move took out a key triple-top, setting up the stock for next targets of $74-$75, and then $80-$81.
2. Cabela's (CAB) is flagging after a big upward move 10 days ago. The stock is near the bottom of a steep upward channel off its February low under $39, and coming off a big inverse head-and-shoulders bottom off its October low near $33. On Thursday, the sporting goods retailer reported earnings that topped Wall Street estimates, though revenue missed. If Thursday's high at $53.71 gets taken out, the targets are $55, and then $59.
3. Mitek Systems (MITK) - Get Report soared 17% on Thursday, up $1.06 to $7.31, after the mobile imaging software company exceeded Wall Street estimates in its fiscal second-quarter report. The stock edged above its rising channel top, and is approaching the next target of $7.70, last reached three years ago. Beyond that, it could get into the low teens, but may need to see some consolidation first.
4. Weibo (WB) - Get Report , in doubling off its February low near $12, has been stair-stepping up its rising channel in a series of pops followed by wedges and flags. The stock in the Chinese social media company is currently flagging again. If it gets through the highs for the last week at $24.50, look for a quick run toward the channel top near $26-$27.
See video chart analysis on these stocks.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.