5 Momentum Plays to Watch on Market Movements Today

NEW YORK (TheStreet) -- A lot of stocks we watch closely did very well on Wednesday, and a couple new ones came to the forefront. Here are five to watch.

Kodiak Oil & Gas (KOG) had a significant pop on Wednesday, up nearly 4% to $14.04, on 9 million shares, the biggest volume since early May. After breaking out last week and then pulling back for four days and consolidating it's now started another move. Look for $15 next, which is the short-term channel top, followed by $18 or better.

Level 3 Communications (LVLT) had a big breakout day on Wednesday, up $2.61, or 6%, to $45.60 on 5.3 million shares. The stock has been in a beautiful rising channel, and on Wednesday it popped through the consolidation zone of the last two months. The target is near the top of the channel at $49.

Nimble Storage (NMBL) has moved up strongly from its May lows. After rallying last month it held support on the pullback, and on Wednesday moved definitely above the declining tops line and through lateral resistance. It was up $2.82, or 10%, to $30.70 on 3.6 million shares, the biggest volume since this stock went public. Look for a move to $37, the high from April.

Royal Gold (RGLD) is one of our favorite charts. The ascent off its recent lows, with a break through the declining tops line and then lateral resistance, indicates that the stock wants to go higher. First target is a test of the recent high in the $72.90 area. Once it gets through that, then look for $80-82 as the intermediate target.

If you liked this article you might like

Can Billionaire John Paulson Bounce Back With Health Care?

Kodiak Oil & Gas (KOG) Downgraded From Buy to Hold

WPX Energy (WPX) Stock Retreating Today on Lower Oil Prices

One Reason Kodiak Oil & Gas (KOG) Stock Is Gaining Today

One Reason Kodiak Oil & Gas (KOG) Stock Is Slumping Today