NEW YORK (TheStreet) --Wednesday's strong session featured some good moves and technical set-ups in stocks we follow, particularly in biotech and technology.
Achillion Pharmaceuticals (ACHN) was up nearly 10% on Wednesday. I love the way it's been holding support. The 50-day moving average is right at $12.24. The low on Tuesday was $12.41, and on Wednesday it popped from $12.92 to $14.21, and closed just a penny off the high at $14.20, up $1.28. That was a fabulous close. Volume picked up to 4.7 million shares traded. What we need is for it to get above $15.31, and then I'm looking at $19.
Celldex Therapeutics ( CLDX) had a nice snapback on Wednesday, going from $16.60 to $18.14, and closed only 4 cents off the high at $18.10, up $1.27, or 7.5%, on 1.7 million shares. There is still some resistance here, and it has not taken out the pattern yet.
The orderly channel has taken this stock down over a three-week period from the $21.70 area, all the way back down to $16 and change, but held right around the 50-day and lateral support and had a nice snapback Wednesday. The stock needs to follow through and take out the moving averages and then get up near the $19.40 range. Wednesday was a good step towards that on good volume for this stock, but I want to see better volume, up to five million to 10 million shares. Targets will be a retest of the highs around $21.70, and beyond that $23 and then $27 potentially. Stop would be under $16.
Tableau Software ( DATA) has been acting very well. If you look at the overall picture, it broke out of a wedge in September, retested the trendline, ran up again and then went into a nice orderly wedge pattern. That pattern was recently broken and retested, and on Wednesday the stock broke out again, up $5.55, or 6.9%, to $85.87 on 1.2 million shares, the biggest volume in a month and a half. I'm looking for this stock to get into the mid-$90s.
Orexigen Therapeutics ( OREX) had a nice pop late in the day on Wednesday, up 47 cents, or 8%, to $6.38 on nearly 4 million shares. It has been going in fits and starts recently. When you see a pop, pullback and pop, you expect a consolidation, which it got, but it didn't follow-through and consolidated longer than I expected. But then some volume came into it, and the stock exploded in the last three sessions. If it gets through the spike-high at around $6.50, it could reach $7.50-.75 very quickly, my first swing-trade target. Beyond that, $11.50-.$1175, the high from three years ago.
Radius Health ( RDUS) has acted very well since its initial public offering back in June. It had a run-up, a three--wave corrective pullback, ran up again, broke out of a flag, popped again and consolidated for weeks. It popped out recently, pulled back, popped out again and followed through on Wednesday, up $4.67, or nearly 18%, to $30.97 on 750,000 shares. That's the heaviest volume on an up-day since the IPO, and a new, post-IPO high. It may be headed to $47-$48, my target.
Taser International ( TASR) did great on Wednesday, breaking out of the wedge it was forming within a rising channel. The stock closed up $1.76, or 7.7%, to $24.61 on good volume of 5.9 million shares, the best in a week. It's in a beautiful rising channel, and has four waves up. The fifth wave may be beginning, and I'm looking for this to get to $28, and then $32-$33.
See Harry's video chart analysis on these stocks.