Harry Boxer provides his technical stock picks for the week.
Alcoa Corporation (AA), which has been a swing trade since it has been in the $6 range from March to April, on Wednesday moved up another 1.01, or 7.4%, to 14.68, with a session high of $14.85, on a solid 8.8 million shares traded. I expect this to move up and test the 16 1/2 range, and then maybe it will head up toward 20.
Century Aluminum Company (CENX), which I put out as a swing the other day, moved forward and followed through nicely. The reason I put a swing on it, was because the ascending bull coil broke out with volume. Look at the run since then. On Wednesday it ran 74¢ (7.8%) to $10.32, with a session high of $10.76, on 2.5 million shares traded. The next major target is $13.75.
Freeport-McMoRan Inc. (FCX), which I’m bullish on based on my outlook for copper, had a little break out in a consolidation zone. It took about three weeks to develop. Volume picked up to 37 million shares traded on Wednesday, and it jumped $1.02 (7.9%) to $13.97, with a session high of $14.43, and another 27¢ after-hours. Targets $16, and $18.
First Solar, Inc. (FSLR) is doing well after it broke out in the low $50’s and we gave you a swing on it. It is 15-points higher and still moving. On Wednesday, it rallied $1.69 (2.6%) to $65.73, on 1.3 million shares traded. I am looking for a test of the double-top at $68.50, which is the near-term target.
At Home Group Inc. (HOME) also has strong momentum. The coil broke around the $5.50 zone, popped, formed a wedge, broke out with a breakaway gap, formed a two-day mini-wedge, and on Wednesday it popped again, gaining 99¢ (7.3%) to $14.66, with a session high of 4.2 million shares traded. It is looking awfully good! I think the gap-fill is next. The target is about 16 3/4.
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