Here are six stocks poised to break out of their bullish consolidation patterns.
Level 3 Communications LVLT �is in a rising-triangle formation, consolidating its steep move from just above 18 in late November to near 25. The stock is at a triple top just below 25 going back to September, a break of which could lead to next targets near its March 2012 high around 27.50.
Geo Group GEO �has been hovering sideways at around 33 in recent weeks. The stock is up from 27.50 since late December, and a break would continue the advance into all-time high territory, as it has taken out its previous high of 31.63 from October 2007.
Citigroup C �is consolidating its December move from 34.50 to above 42, and the consolidation is narrowing with higher lows that are pressuring the resistance line just under 43.40. This is also long-term resistance going back to July 2011. A break of that level could move the stock to the 45-46 area not seen since April 2011.
Anadigics ANAD , which is consolidating its more than 100% up-move from mid-November to the start of this year, is also experiencing higher lows pressuring resistance at 2.75. Next level is just above 3 going back to February of last year.
Parker Drilling PKD �is flagging off its most recent 10% up move from the 5 level in mid-January. The stock has seen a series of up-moves and flags since it began stair-stepping higher off its November low of 3.66. A move above 5.70 could lead the stock to levels above 6 last seen in April 2012.
VirnetX VHC �is hovering in the 35 area which has contained prices since November. The stock has retraced most of its losses since plummeting from over 40 to 22.50 last July, and a move above 36.40 would break it out of its current tight wedge formation and continue the uptrend.
See charts illustrating the technical pattern on these stocks.
Disclosure: Mr. Persich is long GEO.
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