Charts of the Day
by Harry Boxer, www.TheTechTrader.com

The market had a strange, low-volume day on Tuesday, and ended up mixed at the close. There were still many stocks that were outperforming, so we’ll take a look at some of those.

Endeavour International Corporation (END) had a big day on Tuesday, up 1.57 to 7.97, or 24 1/2%, or over 1 million shares, after it acquired an interest by ConocoPhillips (COP) in three producing oil fields in the U.K. It looks like this stock may try to get back up to test the double-top at 10 - 10 1/4 short-term, so be watching it over the next couple days.

Scientific Games Corporation (SGMS) had an excellent day on Tuesday as gaming shares went higher as the U.S. Department of Justice adopted a new stance which will make online gaming a reality. The stock was up 1.26 to 9.46, or 15%, on 1.7 million shares. It broke out across the neckline of a head-and-shoulder, inverse bottoming-type pattern, and is now approaching the declining topsline just under 10, around 9.85. That’s going to be the short-term target. However, this stock may test the double-top up around 10 3/4. If that occurs, and the long declining topsline is taken out, this stock could get up to 11-11 1/4 short-term.

Ebix Inc. (EBIX) broke out of a little consolidation pattern. The head-and-shoulder-type bottom that formed was pulled back and retested. The stock bounced, and formed a little bit of a platform. On Tuesday it broke out, got up to 23.14, and backed off to 22.44. Still it was up 1.17, or 5 1/2%, on over 1 million shares on a low volume day. Look for a move to 25 1/2 short-term.

Alexion Pharmaceuticals, Inc. (ALXN) broke out of a large, 3-month wedge on Tuesday, and spiked 2.48 to 71.56, or 3 1/2%, on 1.5 million shares. This ended the session with a 3% gain on modestly above-average volume. At this point, the swing-trade target is up around 80, so keep an eye on ALXN.

Other stocks in our Charts for the Day are Magnum Hunter Resources Corp. (MHR), Clearfield, Inc. (CLFD), Kandi Technologies, Corp (KNDI), Boyd Gaming Corp. (BYD), RAM Energy Resources, Inc. (RAM), Ariad Pharmaceuticals Inc. (ARIA), Mitcham Industries Inc. (MIND), Multimedia Games Inc. (MGAM), Kodiak Oil & Gas Corp. (KOG), and Onyx Pharmaceuticals Inc. (ONXX).

For the full Charts of the Day video, please see http://www.thetechtrader.com/chartofday/9/2011/26/

Good Trading!

Harry

Harry Boxer is an award-winning, widely syndicated technical analyst and author of The Technical Trader (www.thetechtrader.com), which features a real-time diary of Harry's minute-by-minute trades and market insights, plus annotated technical charts & stock picks, based on Harry's nearly 40 years experience as a Wall Street technical analyst.

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