NEW YORK (TheStreet) -- Here are six stocks we're watching that are setting up for continued upside.
Abraxas Petroleum (AXAS - Get Report), which had been coiling for a few months, popped out in February, retested support, and then ran up hard last month. The stock pulled back and tested the 21-day moving average and then took off again, exploding in the last two sessions. It closed at $4.42 on Wednesday, up 5.5%, on 2.5 million shares. The stock should get to $5.00 in the short term. On a longer-term basis, major resistance comes in at around $6, which is the secondary target.
Neuralstem (CUR - Get Report) had a nice move on Wednesday as it popped out of a wedge, up 8.3% to $4.66. It has to get through a double-top in the $4.80 area, after which it would be set up to run up to $5.25, and then $6.00.
Flamel Technologies (FLML), a strong junior biotech, is moving. It broke out of a coil last month, retested a couple of times, formed a miniwedge, and then on Wednesday popped $1.29, or 9.8%, to $14.45 on 4.2 million shares. That's the biggest volume on an up day in a couple of weeks. It looks like it's going to retest the high up around $14.95 maybe as early as Thursday, with the target beyond that at $17.00.
Maxwell Technologies (MXWL) has a great pattern. It spiked out of its base more than a month ago, and has since made a 5-wave corrective move in the formation of a wedge. On Wednesday, it popped $1.24, or 9.5%, to $14.36 on nearly a million shares to reach the declining tops line of the wedge. If it gets through that, look for it to run hard.
Tower Semiconductor (TSEM - Get Report), which popped in December and then formed a falling wedge, has since been stair-stepping up nicely in a beautiful channel. On Wednesday, it appears to have popped out of a small, five-day falling channel, gaining 57 cents, or 6.4%, to $9.51 on 331,800 shares. That wasn't good volume, but it was the best in three sessions. If it breaks above $10.00, look for a move to $11.00 and then $12.00.
At the time of publication, the author had no positions in stocks mentioned.
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