AudioCodes Ltd. (AUDC) jumped 69 cents to $18.52 on Thursday on 454,300 shares. The vendor of advanced voice networking and media processing solutions for the digital workplace reported strong second quarter results on Tuesday. That news broke the stock out of a nearly 3-month coil pattern. After pulling back slightly on Wednesday, the stock resumed the rally on Thursday, with the rising channel pointing to $21 next.
Owens Corning (OC) gained 96 cents to $59.50 on 1.9 million shares Thursday. The building materials company posted better-than-expected second quarter results on Wednesday. After breaking out of a multi-month base pattern late last month, the stock pulled back in an orderly flag before Wednesday’s news popped it out. Thursday’s follow-through positions the stock for a test of the $64 level next.
Overstock. com Inc. (OSTK) rose 10 cents to $19.21 on 6.7 million shares, more than 1 1/2 times its average volume. The move came on no news from the online retailer. After more than doubling in price from mid-June to mid-July, the stock has been in a sideways range, with Thursday’s intraday high edging it above lateral resistance. Watch for a test of next lateral resistance from the March highs near $23 next.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
Equities Contributor: Harry Boxer
Source: Equities News