By Harry Boxer
Strong patterns continue in this rising market, and here are four more momentum charts to watch.
NVIDIA
NVIDIA Corporation (NAS:NVDA) jumped another 1.51, or 1.6%, to 93.39, on 12.4 million shares on Tuesday. The stock, in a steady up channel since the February low under 25.00, is in a three-week flag formation after the big spike up from the mid-60.00s in mid November. It is moving toward lateral resistance from the highs of the flag at 95.25. Through there, the short-term target would be the channel top near 102.00-103.00.
Check out Harry’s video analysis of this stock on the last page.
Terex Corporation
Terex Corporation (NYS:TEX) popped out of a wedge pattern on Tuesday, up 1.25, or 4.2%, to 31.09 on a pick up in volume at 1.47 million shares. The stock had gapped up from the 23.00 range in early November and continued as high as 31.44 before consolidating in the last week. A move through 31.44 could lead to 34.00 next.
Check out Harry’s video analysis of this stock on the last page.
Western Digital
Western Digital Corporation (NAS:WDC) had an inside day on Tuesday (remaining within the price range from Monday), up another 1.76, or 2.8%, to 63.85, on 4.7 million shares traded. It also looked good in afterhours with a great report, running all the way to 68.00 before backing off to consolidate in a nice bull coil. The stock, which is in a rising channel off its May low under 35.00, looks like it wants to go higher. There's strong resistance at 69.00-69.25 that it could approach as early as Wednesday morning.
Check out Harry’s video analysis of this stock on the last page.
Winnebago Industries
Winnebago Industries Inc. (NYS:WGO) is acting very well, up another 85 cents, or 2.5%, to 35.15 on nearly 360,000 shares traded Tuesday. After the big breakaway gap in early October out of a six-month base, followed by a three-wave corrective pullback to the 50-day moving average, the stock formed a new rising channel. The channel points to a target of 38.00, and then 40.00-41.00. With short interest of 13.6 times its average volume, the stock could accelerate as shorts cover on an up move.
See Harry's video chart analysis on these stocks.
