Analyst commentary. Includes: BIO, CAR, CLR, FTNT, EPAM, ABMD, MTDR, NICE, PSTG, and RNG.
| Comments |
|---|
| ABMD Abiomed, Inc ($358.16) - Healthcare - ABMD broke a double top at $356 and moved higher to $360 with Wednesday’s market action, marking a new all-time high. This stock is a perfect 5 for 5’er as all of its trending and RS characteristics are positive here. Additionally, weekly momentum has been positive for two weeks, suggesting the potential for higher prices from here. Okay to hold here or buy on a pullback as ABMD is overbought here. Near-term support lies at $340. |
| BIO Bio-Rad Laboratories, Inc. Cl. A ($276.42) - Healthcare - BIO broke a double top at $268 and went on further to break a spread triple top at $280 to mark a new high. The 3 for 5'er ranks in the top of the Healthcare sector matrix as well. Those interested in long exposure may initiate positions here or on a pullback. Support is offered throughout the $230s and $240s. |
| CAR Avis Budget Group, Inc. ($41.58) - Retailing - CAR broke a double bottom at $42. This is the second consecutive sell signal for the stock and it provides further confirmation of strength in supply as the stock also still trades below its bearish resistance line. Those with long exposure should exit positions here and avoid CAR moving forward. No new positions at this time. |
| CLR Continental Resources Inc. ($68.45) - Oil - CLR broke a triple top at $67 and continued higher intraday to $68. The stock now trades at multi-year highs, offers all five positive technical attributes, and ranks in the top decile of the favored Oil sector matrix. Those interested in long exposure are best served to initiate positions on a pullback from here since the stock trades at the top of its 10-week trading band. The first sign of trouble comes with a move to $62, a triple bottom break. |
| EPAM Epam Systems Inc ($123.36) - Software - EPAM broke a double top at $120, which completes a bullish triangle pattern following a positive earnings release. The stock continued higher intraday to test its peak from March at $124. The 5 for 5'er ranks in the top third of the favored Software sector and recently flipped to positive weekly momentum suggesting the potential for further price appreciation from here. New positions may be initiated at current levels. Several support levels are offered between $104 and $112. |
| FTNT Fortinet Inc. ($58.65) - Software - FTNT broke a double top at $58, the stocks fourth consecutive buy signal and new all-time high. The stock offers a technical attribute score of 5 and ranks in the top quartile of the favored Software sector matrix. New positions may be initiated on this breakout. Support is offered between $52 and $54 from here. |
| MTDR Matador Resources Company ($34.19) - Oil - MTDR completed a second consecutive buy signal on the chart with a move to $35. This stock is a perfect 5 for 5’er that has maintained a positive trend since August 2016. MTDR is within the favored Oil sector and is a current holding in the DWA Oil Sector Portfolio, confirming its strength relative to its peers. Okay to hold here or buy on a pullback. From here, support lies at $31 while the bullish support line lies at $28. |
| NICE Nice Systems LTD (Israel) ADR ($98.12) - Telephone - NICE broke a spread quadruple top with a move to $99 on Wednesday. This stock has all of its trending and RS attributes in its favor, making it a perfect 5 for 5’er. Weekly momentum has been positive for two weeks, suggesting the potential for higher prices. Additionally, NICE has a price target of $117, adding to the positive technical picture. Okay to buy or hold here as the technical picture is healthy. The first level of support lies at $94 while the bullish support line lies at $89. |
| PSTG Pure Storage ($23.13) - Semiconductors - PSTG broke a double top at $23 and is now trading at new all-time highs. This stock is a strong 4 for 5’er within the Semiconductors sector that ranks 3rd out of 61 names in the sector RS matrix. Monthly momentum just flipped positive, suggesting the potential for higher prices. Demand is in control here and the technical weight of the evidence is positive. From here, significant support lies at $18.50. Note earnings are slated for 5/22. |
| RNG RingCentral, Inc. ($73.20) - Telephone - RNG completed a bullish catapult with a move to $73 after a positive reaction to earnings on Wednesday. This stock is a perfect 5 for 5’er with in the Telephone sector that is the #1 ranked stock in the sector RS matrix. Weekly momentum just flipped positive, suggesting the potential for higher prices. Okay to initiate new positions on the breakout. From here, the first sell signal would come with a move to $68. |
Create Portfolio