4 stocks to watch

Emerge Energy Services

On the short side, Emerge Energy Services LP EMES, +0.71% was phenomenal last year and has been just as ugly this year. It's been in a four-wave down-channel since October, and could see a fifth wave lower if it breaks down from the big wedge that it's been in. That wedge may have been broken on Wednesday, with a move down 3.00, or 5.3%, to 52.88. A break could lead to a retest of the lows at 39.00-40.00.

Hi-Crush Partners

Hi-Crush Partners LP HCLP, -3.55% also is in a four-wave down move, and starting to roll over after attempting to retest declining tops-line resistance. A recent short-covering rally took it from 29.00 to 39.00, and the stock has already given back six of those points, falling 1.54, or 4.4%, to 33.49 on Wednesday. Look for a retest of 29.00, and maybe even a move all the way down to the mid 20.00s.

Westlake Chemical

Westlake Chemical Corp. WLK, +1.44% is another stock in a steep down-channel since last fall. Like HCLP, it also was recently thwarted by declining tops-line resistance, dropping 3.00, or 5.1%, to 55.50 on 1.2 million shares Wednesday. A break below the lower trendline of its bear wedge could take the stock to the high 40.00s or even mid 40.00s.

Freescale Semiconductor

On the long side, Freescale Semiconductor, Ltd. FSL, +2.92% had a big day on Wednesday after a strong report, jumping 4.81, or 18.25%, to 31.16 on 1.8 million shares. It got as high as 33.50, which took it near the top of the channel before the intraday pullback. If it consolidates and pushes forward, I wouldn't be surprised to see it reach the high 30.00s.