The market started off with a bang on Wednesday and ended with a flitter, basically closing mixed after a massive gap run, looking like it was going to be a big day, but it sure took it back in the afternoon. Not necessarily a bad thing, but we’ve got some pretty critical areas to break out through and hold support above. For now, let’s take a look at some longs that did well on Wednesday.
Chuys Holdings Inc (NASDAQ:CHUY), the restaurant chain, had a 5-wave decline, taking it into Dec, it began another move up in Jan, going from about 18 1/2 to 28.00 before Wednesday, when it gapped up and ran 6.39 to 14.22, or 23%, on 2.8 million shares. More importantly, not only did it go through the top of the channel and lateral-price resistance, but through secondary resistance. It looks like it may make an attempt to test the 36 1/2 range, potentially as early as Thursday, and then 42-43 is the next target.
Energy Focus Inc (NASDAQ:EFOI) had a very nice move on Wednesday, up 4.01 to 13.39, or 43%, on 681,200 shares traded. This stock had a big drop that lasted for several years, then in 2013 it formed a nice rising channel. It’s at a key level right now because recently it had resistance in this level, although it did get above it. Technicals held during the pullback and the 50-day. On Wednesday, it exploded off the channel bottom with a breakaway gap, ran through resistance and the top of the channel, and it may very well be on its way up towards 20 1/2-21, but let’s start with a target of about 16.
Kite Pharma, Inc. (NASDAQ:KITE) is doing very well, up 2.96 to 76.50, or 4%, on nearly a million shares on Wednesday. It moved through key resistance, and may very well surge into the high 80’s. There’s some resistance at the top of the channel at 81, which could be tested as early as Thursday.
Ixia (NASDAQ:XXIA) made a big move on Wednesday, up 2.15 to 15.65, or 16%, on 1.3 million shares. It broke out of the top of the channel and lateral resistance with a big breakaway gap on strong volume. It should lead to a test of multiple highs in 2013 up around the 16 1/2 range as early as Thursday. If it gets through that look for a target of 19.
Other stocks on the long side include Activision Blizzard, Inc. (NASDAQ:ATVI), EarthLink Inc (NASDAQ:ELNK), Fibrocell Science, Inc. (NASDAQ:FCSC), First Solar, Inc. (NASDAQ:FSLR), Fortinet Inc. (NASDAQ:FTNT), Inotek Pharmaceuticals Corp (NASDAQ:ITEK), Paycom Soft (NYSE:PAYC), Retrophin, Inc. (NASDAQ:RTRX), Solar3D, Inc. (NASDAQ:SLTD), Intrexon Corporation (NYSE:XON), and ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ).