MTW, EDAC, JNPR, SURG Among Charts to Watch

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We’re going to take a look at some of the stocks with favorable patterns that have the strongest possibilities of having short- and intermediate-term moves.

Manitowoc Co. Inc. (MTW) had a significant day on Wednesday. It broke out for 1.91 to 10.56, or 22%. The way the pattern is structured, there are down trends, followed by a reversal, retests, breakouts, and on Wednesday this stock surged to12 million shares. That’s big volume for this stock. There’s a resistance level around 11 1/2, which may be tested as well as the declining topsline around 12. The short-term target will be around 11 1/2 – 12, and the secondary target will be up around 14.

Edac Technologies Corp. (EDAC) is a stock that is moving fantastically. It was up 1.34 to 9.99, or 15 1/2%, on nearly 274,000 shares, which is big volume for this stock. Now, if you look at the long-term chart, there was a solid base, then a breakout, a pullback to retest, a strong surge, and then a consolidation, which was broken with a pop, a flag, and more importantly, the 8.00 range, which seems to have acted as lateral resistance. It broke out two days ago, followed through on Tuesday, and on Wednesday a breakaway gap occurred. Look for a move, or a thrust, that takes this up toward the 11 1/2 – 13 zone short-term.

Juniper Networks, Inc. (JNPR) has had a big turnaround underway for this stock. It's gone from 44 down to 16 and change, reversed sharply, and has been moving up nicely, coming through one layer of resistance to the moving average at the second level. It pulled back to test the moving average as it crossed over, and now it’s headed higher. There’s a declining topsline around 24 that should be tested shortly. Lateral price resistance around 26, however, might be a swing-trade target, and it could move up into the 29 zone on an intermediate basis.

Synergetics USA, Inc. (SURG) has a nice long-term pattern. Right now it’s up against the 2006 highs at the 8 1/2 range, or coming up towards it. It’s looking extremely impressive, and will continue to hold or make new highs. Look for it to move from the current level of 6.74 to the 8 1/2 – 9 zone on a short-term basis.

Other stocks in our Charts for the Day are Cheniere Energy, Inc. (LNG), Onyx Pharmaceuticals Inc. (ONXX), Nu Skin Enterprises Inc. (NUS), Flotek Industries Inc. (FTK), Westport Innovations Inc. (WPRT), Silicon Motion Technology Corp. (SIMO), Sally Beauty Holdings Inc. (SBH), Nuance Communications, Inc. (NUAN), Genco Shipping & Trading Ltd. (GNK), Mitek Systems Inc. (MITK).