2. Next let's look at, Hornbeck, which through its subsidiaries operates offshore supply vessels.
Hornbeck traded positive on Wednesday, closing up 1.79% to $42.14 per share.
- Tuesday's range: 41.49 - 42.43
- 52 week range: 37.44 - 59.93
- Tuesday's volume: 1,415,268
- 3 month average volume: 653,814
Hornbeck is also a rounded bottom breakout, which occurred on Monday, and confirmed yesterday when it continued to trade over the 50-day simple moving average.
Yesterday formed a bullish kicker signal and traded strongly, and closed above near term resistance.
There is more overhead resistance at $43.53 abd then again at $44.50. There are a few small gap downs that will act as resistance, and so expect some consolidation on the upswing. The chart has been forming a "W" pattern, or a double bottom, which indicates that the bottom has formed and is not likely to trade lower.
Target the 200-day simple moving average at $48.75, which will be a 15% move from yesterday's close. I'd set a stop around $40, and wouldn't want to see it trade below this level. Stay long until you see a confirmed sell signal or a close below the t-line.
3. Finally is Sirius XM, which provides satellite radio services.
Sirius traded positive on Tuesday, closing up 2.19% to $3.27 per share.
- Tuesday's range: 3.20 - 3.29
- 52 week range: 2.98 - 4.18
- Tuesday's volume: 68,881,557
- Three-month average volume: 67,560,500
Sirius has had a tough time in the recent past, but yesterday, the stock traded positive. Sirius is a rounded bottom breakout since it closed over the 50-day simple moving average yesterday.
The stock looks to be turning around, but protect yourself since it is in a downtrend. I would target the 200-day simple moving average, and set a stop at about $3.20.
The 200-day simple moving average is 10% from yesterday's close. There are positive rumors around Sirius that could make this thing go crazy, and so be watchful.
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At the time of publication, the author was long on Newcastle.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.