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.

Silver Wheaton (SLW) has a good looking chart. The declining tops line was recently broken, with all three moving averages crossing over, as the stock has risen to lateral resistance. I'd love to see a pullback toward $22-$22.25 to enter for a nice move up to the mid- and then the high-$20's.

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 represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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