NEW YORK (TheStreet) -- Here are three stocks to watch for continued upside after recent breakouts.
The move broke the stock out of a two-month falling channel. Next lateral resistance is at around $37, followed by the September high at around $40. If the stock breaks above that level, then it's on its way up to an important move, as the major base pattern over the last several months will have been broken.
FormFactor (FORM) - Get Report is acting great, along with many other semiconductor stocks. The stock was up 96 cents, or 12%, to $8.90 on 2 million shares on Wednesday; it's up another 0.9% on Thursday as of 12:30 p.m.
The long-term pattern shows that FormFactor's stock is in a two-year up-channel and nearing key lateral resistance. That big level of resistance is at around $10.40 or $10.50, which is my next target.
Integrated Device's stock had recently broken out and formed a beautiful wedge on receding volume, before popping yesterday. It closed at the upper end of the range, across resistance, and I'm expecting a test of at least $18.50 or $19 short-term, and then maybe the $22 zone.
See Harry's video chart analysis on these stocks.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
TheStreet Ratings team rates FORMFACTOR INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORMFACTOR INC (FORM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: FORM Ratings Report