Analyst commentary includes: ABG, ALXN, BIVV, CRL, CRTO, ICLR, NSC, OZRK, SFTBF, THO, VLO, and WGO.
| Comments |
|---|
| ABG Asbury Automotive Group Inc. ($55.35) - Retailing - broke a double bottom at $55. After failing at its bearish resistance line at $65, the stock has moved back to a sell signal with the next support not until $48. Continue to avoid ABG and if long consider moving to the sidelines here or on any bounce. The weekly and monthly momentums have also turned negative. |
| ALXN Alexion Pharmaceuticals ($97.48) - Biomedics/Genetics - broke a double bottom at $98. After rallying in May to break the bearish resistance line at $132 ALXN immediately sold off and moved back to a negative trend. It has had a sub 3 technical attribute count since March. We would continue to avoid ALXN. However, it is now significantly oversold and to see a bounce from here would not be a surprise. If long we would consider watching for that bounce to exit. |
| BIVV Bioverativ Inc ($57.69) - Biomedics/Genetics - broke a double top at $56. The chart is limited to 1 years data but it has now given three consecutive buy signals. There is not enough data yet for RS signals but the market and peer RS charts for BIVV are in Xs showing good shorter term relative strength. Traders can watch for a pullback to the $54 area to trade BIVV. A tight stop loss can be kept at $51 whcih would be a triple bottom break. Otherwise use $48, a violation of the bullish support line. |
| CRL Charles River Lab. Internat'l, Inc. ($92.85) - Biomedics/Genetics - broke a double top at $93. The stock is a 3 for 5'er and this is the fourth consecutive buy signal and new chart high. Demand is in control of the chart and traders can consider positions here and on pullbacks. Trouble will be a move to $86, a triple bottom break. |
| CRTO Criteo SA ($55.56) - Internet - broke a triple top at $56. The stock held strong support at $49 and reversed back to Xs to start a shakeout formation. This break completes that formation and puts the stock at previous chart highs. CRTO is a 4 for 5'er and partial positions can be considered here and pullbacks used to purchase additional shares. An initial stop loss can be kept at $47, a violation of the bullish support line which follows a spread quadruple bottom break. |
| ICLR Icon PLC - Sponsored (Ireland) ADR ($91.45) - Healthcare - broke a double top at $91. This is the second consecutive buy signal for this 4 for 5'er and take sit to a new chart high. Demand is in control of the chart but ICLR is now near the top of its distribution we would look to initiate partial positions and use pullbacks to add to them. A near term stop can be kept at $85, a double bottom break. Those willing to give it more room can use $79 which will be a violation of the bullish support line. |
| NSC Norfolk Southern Corporation ($122.17) - Transports/Non Air - broke a double top at $122. This break completes a bullish triangle formation and is the third consecutive buy signal. NSC is a 4 for 5'er and has a strong price objective of $157. With demand in control, positions can be considered here. An initial stop loss can be kept at $104, a spread double bottom break. |
| OZRK Bank of the Ozarks ($45.72) - Banks - Since peaking in February at $56, the trend chart of OZRK has been trading in a series of lower tops and lower bottoms, resulting in the formation of a bearish signal. With the recent market action, OZRK managed to reverse up into X's, taking it up from the bullish support line. This move has also taken OZRK a step closer to reversing the bearish signal. If OZRK breaks a double top from here at $51, the bearish signal would be reversed. Okay to consider OZRK on such a breakout. A move to $44 from here would violate the bullish support and shift the trend to negative for the first time since April 2002. |
| SFTBF Softbank Corp. ($80.27) - Internet - With the most recent action, SFTBF broke a double top buy signal at $79, which completed the bullish triangle pattern. The trend is positive here and it's a 3 for 5'er. Okay to consider SFTBF on the breakout. Near term support can be found at $74 so the first sign of trouble would be a violation of that support at $73, a double bottom sell signal. |
| THO Thor Industries, Inc. ($91.77) - Leisure - brkle a double bottom at $90. This is the third consecutive sell signal showing supply in control. Additionally, the RS charts are in Os showing poor recent relative strength. Continue to avoid THO. |
| VLO Valero Energy Corp ($62.46) - Oil - broke a triple bottom at $63. Although the stock is a 5 for 5'er, this is the second consecutive sell signal since January 2017. The stock is now just above its bullish support line which is at $62. We would not be buyers here but if long would give it room to $61 to see that it violates the bullish support line. |
| WGO Winnebago Industries, Inc. ($25.45) - Leisure - broke a double bottom at $25. The stock has made lowe top s and this is the second consecutive sell signal. Supply has gained control of the chart. The next support is not until the bullish support line at $19. No new positions in WGO here and if long would consider moving to the sidelines or hedging in some fashion. Both the Market and Peer RS charts are in Os indication poor near term relative strength. |
