ARCH, CHRS, CNI, FTNT, PSB, ROKU, SNE, SR, THO & WEC
| ARCH Arch Coal Inc ($90.94) - Oil - ARCH shares reversed into a column of Os today, breaking a double bottom at $91 to mark a third consecutive sell signal. The move also results in a negative trend reversal for the stock, demoting it to a 3 for 5’er. ARCH has been posting lower tops and lower bottoms in recent weeks, suggesting supply is in control. Those with open exposure may wish to reevaluate the position with the negative trend change. From here, support is found at $85, while initial overhead resistance is found at $95. |
| CHRS Coherus Biosciences Inc ($18.55) - Biomedics/Genetics - CHRS broke a double top at $18.50, marking the third consecutive buy signal on the chart. This 5 for 5'er ranks 2nd out of 83 names in the Biomedics/Genetics sector RS matrix, and moved back to a positive trend in March. Weekly and monthly momentum are both positive, and the bullish price objective of $27 suggests the potential for further upside from here. Initial support can be found at $16.50, with overhead resistance at $20. |
| CNI Canadian National Railway ($93.99) - Transports/Non Air - CNI broke a double top at $95 on Friday, marking a new all-time high as well as the second consecutive buy signal on the chart. This 5 for 5'er ranks 8th out of 46 names in the Transports/Non Air sector RS matrix, and moved back to a positive trend in February. The bullish price objective of $121 also suggests the potential for higher prices, however, those looking to add exposure would be best served to wait for a pullback as CNI is entering overbought territory. Initial support can be found at $91 with further support at $81. Note CNI offers a yield of 1.70%. |
| FTNT Fortinet Inc. ($83.08) - Software - Fortinet returned to a buy signal when it broke a double top with an advance to $84 during Friday's action. FTNT is a 5 for 5'er and has been in a positive trend since February 2014 and has been on a market RS buy signal since February 2018, confirming long-term absolute and relative strength to the broader market. Monthly momentum has recently flipped positive, suggesting the potential for further gains. From here, support is found at $80, while initial overhead resistance resides at $94. |
| PSB PS Business Parks, Inc. ($160.55) - Real Estate - PS Business Parks broke a double top with an advance to an all-time high of $160, marking a third consecutive buy signal. PSB is a perfect 5 for 5’er that has been trading in a positive trend since October 2015. The stock ranks in the top decile of the Real Estate sector matrix. Weekly momentum recently flipped positive, implying the potential for additional upside. Okay to add exposure here. The first sign of trouble would come with a move to $142. Note that PSB has a yield of 2.61%. |
| ROKU Roku, Inc. Class A ($84.01) - Media - Shares of ROKU reversed back into a column of Xs and completed a bullish triangle pattern Friday at $85, before continuing to $87 intraday, marking a new all-time high. This 5 for 5'er moved to a positive trend in February and has maintained an RS buy signal against the market since last August. The recently flip to positive weekly and monthly momentum suggest the potential for additional upside, however, those looking for long exposure may be best served to wait for a pullback as ROKU is heavily overbought at current levels. Initial support can be found at $81 with further support at $79. |
| SNE Sony Corporation (Japan) ADR ($52.61) - Electronics - Shares of SNE rose Friday to break a double top at $53. This 4 for 5'er moved to a positive trend earlier this month and has maintained an RS buy signal against the market since 2015. The recent flip to positive monthly momentum and the bullish price objective of $73 suggest the potential for higher prices, however, those looking to add exposure would be best served to wait for a pullback as SNE is overbought. Initial support can be found at $48. |
| SR Spire Inc. ($86.11) - Gas Utilities - SR continued higher Friday to break a double top at $87, marking a new all-time high. This 4 for 5'er moved to a positive trend in January and currently ranks 9th out of 25 names in the Gas Utilities sector RS matrix. Weekly momentum recently flipped positive, and the bullish price objective of $111 indicates the potential for further price appreciation, however, recent movement has led SR to overbought territory, so those looking to add exposure would be best served to wait for a pullback or normalization of the trading band. Initial support can be found at $83 with further support at the bullish support line, which currently sits at $76. SR also carries a 2.73% yield. |
| THO Thor Industries, Inc. ($56.47) - Leisure - Thor Industries broke a spread triple bottom during Friday’s action, declining to $57 to return to a sell signal. THO is a 0 for 5’er that has been in a negative trend since September 2018. The stock ranks in the bottom quartile of the Leisure sector matrix. Additionally, THO has been on a market RS sell signal since May 2018, confirming long-term weakness relative to the broader market. Supply is in control. Avoid long exposure. Short sellers should note that THO is approaching heavily oversold levels and has a yield of 2.76%. |
| WEC WEC Energy Group Inc ($80.90) - Utilities/Electricity - WEC broke a double top at $81 on Friday and is now trading at new all-time highs. This stock is a perfect 5 for 5’er within the favored utilities/electricity sector that has been in a positive trend since August 2009. In addition, weekly momentum recently flipped positive, suggesting the potential for higher prices. Demand is in control and the technical picture is strong. From here, initial support lies at $76. |
