Wednesday’s Stocks To Watch, May 23 2012

Antonio Costa
updated | Author's Website

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Akorn, Inc. (NASDAQ:AKRX) tried to breakout today again after yesterday’s breakout but failed to close near the highs. The stock pulled back during the day, however still closed higher than the high of the previous session, which is bullish to me. Lets see how this trades tomorrow.

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Bought Pharmacyclics, Inc. (NASDAQ:PCYC) on Monday after a nice breakout. Today’s action followed through nicely as this stock was up 4.5%. The technical chart show a continuation of the uptrend with MACD and RSI in the Bullish areas. However, both stochastic and the RSI indicator is reaching the top end which indicates that the stock may be reaching overbought condition soon. For the long term the stock should still continue to go up. Resistance: $32.94 Support : $27.42

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Rosetta Genomics Ltd. (USA) (NASDAQ:ROSG) continues to perform strongly and appears poised to test the 200-day moving average line at $8.26.

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Wal-Mart Stores, Inc. (NYSE:WMT) continued higher today up over 1% as there was good follow through from the breakout yesterday.

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Celgene Corporation (NASDAQ:CELG) bounced nicely off the 200 day MA. If it can clear the recent high of $71.75, I think it can get to the 50 day MA at $75

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FirstEnergy Corp. (NYSE:FE) was setting up nicely in this small consolidation pattern and I was expecting a breakout soon, however it seems as though it wants to continue consolidating. Looking at the technical chart the 20-day MA is moving up and hopefully this can provide some support in the next few days. I still like the stock here if it can hold that MA.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.

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AC

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