There are some interesting things happening in the chart world. Now the stocks that we see moving here are quite profound and we’re going to take a look at some of them.
Kandi Technologies, Corp (KNDI) finally came alive. The nine-month down channel that took it from 7 1/4 down to 1.68, or so, at the low, spiked up, pulled back, broke out Tuesday, and then had a nice follow-through on Wednesday. Even though it dipped down early to 2.26, it ran to 2.94 before backing off and closing at 2.78. Still, it’s up 33 cents, or 13 1/2%, on 860,000 shares. Resistance is around 3.20 - 3.25. That’s the short-term target. Secondary target is up around 4.25.
Oncothyreon Inc (ONTY) had a very important two-day move. It broke out of the apex of the coil on Tuesday, and on Wednesday it spiked up 1.36, or 15.3%, on 7.6 million shares. That’s the biggest volume since the one-day spike it had in June. Short-term target is set at 12.00.
Quepasa Corp. (QPSA) had a monstrous session after announcing a merger on Wednesday. It opened at 8 1/2 and went to 9.99 before settling in at 9.93, up 2.80, or 39%, on 5.7 million shares traded. That’s a monster volume for that stock and possibly the largest volume it has ever had. If it follows through here it could make a quick move to 11 1/2 short-term, and then something up around 14, which is the immediate-term target.
Sino-Global Shipping America, Ltd. (SINO) was definitely the star of the day on Wednesday, exploding up 150%, opening at 1.78 and running eventually to 4.65. It exploded right through resistance and kept on going. When a stock has that kind of strong momentum there will be some more upside. Look for a test of the 5.00 range Thursday, and if it gets through that it may get up to 6 1/4 - 6 1/2.
Other stocks in our Charts for the Day are Adolor Corp. (ADLR), Asia Entertainment & Resources Ltd. (AERL), Abraxas Petroleum Corp. (AXAS), Hyperdynamics Corporation (HDY), Imperial Sugar Co. (IPSU), Coffee Holding Co.Inc. (JVA), Kodiak Oil & Gas Corp. (KOG), NetQin Mobile Inc. American Dep (NQ), Voyager Oil & Gas, Inc. (VOG), Express-1 Expedited Solutions Inc (XPO), ZAGG Incorporated (ZAGG).
