NEW YORK (TheStreet) -- Both our longs and "Boxer Shorts" are making moves. Here are two of each to watch for playing both sides of this choppy market.
FX Energy (FXEN) did great on Wednesday, up $1, or 21.5%, to $5.65 on nearly five million shares. The move broke the stock cleanly out of a flag it has been in since its huge run-up from $3.24 in mid-April. The stock got as high as $5.85 intraday on Wednesday, blowing through our initial target of $5 at the top of the flag. We're looking for $6-$6.15 next.
Rite Aid (RAD), which gapped up a few weeks ago, has recently been consolidating the move in a tight coil. But on Wednesday it popped 21 cents, or 3%, to $7.30 on a whopping 41 million shares. With this pattern, and the way it's been acting, I wouldn't be shocked to see $8, and then $10 on this stock.
On the short side, ASML Holding NV (ASML) looks pretty ugly, with a massive topping pattern. After a long-term channel break, it went sideways for about nine months before recently forming a rising wedge. The stock broke down from the wedge last month, rolling over hard through support. It retested previous support (now resistance), forming a bear-type consolidation, and on Wednesday it dropped 73 cents to $81.39. If it fails to accelerate above that and starts to roll over again, this stock may collapse and run down towards $74.
Barrett Business Services (BBSI) has been unable to take out its declining channel top and recently broke down from a bear flag. On Wednesday it rolled over again, down $3.57, or 6.5%, to $50.41. The stock is at double-bottom support, and a breakdown could send it sharply lower given the down-channel's steep angle of descent. Watch the $48.50 area, and then the low $40s if it gets through that.
See Harry's video chart analysis on these stocks.