Market momentum is strong, even though a little overbought, and so today we feature six stocks on the long side.
3D Systems Corp. DDD � is in a beautiful rising channel going from the mid-teens into the low 50�s, and it looks like it's going higher. It popped $3.48 to $51.76, or 7.2%, on nearly 3 million shares on Tuesday. There's a lot of potential for this one for a move to the top of the channel at around $55-$56 short-term, and then $60-$61 zone intermediate-term.
Hercules Offshore, Inc. HERO �had a nice move on Tuesday, up 43 cents to $5.82, or 8%, on 7.8 million shares. It broke out of a little pennant that formed in the last couple weeks, and through key-lateral resistance. Looking at the overall chart pattern, the highs from earlier this year, and from October, were broken on Tuesday. Short-term target is around $6.50, and if it gets through that, look for something at $7, then $8, and then $9.50.
Mindspeed Technologies Inc. MSPD broke out of a two-week pennant on Tuesday, up 34 cents, or nearly 9%, to $4.35, right at our target and resistance area. If it gets through here, the top of the channel around $5.00 should be tested. The secondary target is around $5.90-$6.00, and beyond that around $6.50. The stock is developing a nice, big channel, with technicals improving as well.
Rackspace Hosting Inc. RAX broke its November and December double-top highs on Tuesday as it went from $68.81 to $73.36, an all-time high on this stock, and closed at $72.44, up $3.89, or 5.67%, on 3.6 million shares. This stock has been moving up for three years now. At this point, it could be headed up toward the mid �80s, and then to the high �90s.
Smart Balance Inc. SMBL �, after a summer run-up, consolidated for four months in the $12 range, before breaking out on Tuesday. The stock jumped to $13.51 intraday before closing up 60 cents to $13.29, or 4.7%, on nearly 1 million shares, the biggest volume in about three weeks. It looks like it has broken out, and the all-time high back in 2007 shows it at about $14. That's the short-term target on this one. If it gets through that, look for $17 as the intermediate-term target.
USG Corp. USG � is in a great long-term channel. It had a recent coil, a breakout on Monday, and in the follow-through session on Tuesday, it popped $1.01 to $28.40, or 3.69%, on 2.5 million shares. The overall channel indicates that this stock could very well move into the $33-$34 area. Look for something up around the $40 zone long-term. It had a nice comeback this year on the overall chart pattern.
See Harry's video chart analysis on these stocks.
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