ABG, HQY, KL, MWK, NDSN, OLLI, SGRY, TENB, WSM & XEL.
| ABG Asbury Automotive Group Inc. ($103.90) - Retailing - ABG broke a double top at $104 on Wednesday, marking the fourth consecutive buy signal on the chart. This stock is a 5 for 5’er that ranks 9th out of 82 stocks in the favored retailing sector. Monthly momentum just flipped positive, adding to the positive technical picture. From here, initial support sits at $97 while overhead resistance lies at $122, the stock’s all-time high. Earnings are expected on 7/28. |
| HQY HealthEquity, Inc. ($55.89) - Healthcare - HQY broke a double bottom at $56 after bouncing off of its bearish resistance line once again. This marks the fourth consecutive sell signal for this 0 for 5’er, confirming that supply is in control. Both weekly and monthly momentum metrics are both negative. Avoid as the weight of the evidence is negative. Initial support sits at $55. |
| KL Kirkland Lake Gold Inc ($48.64) - Precious Metals - KL broke a double top at $49 on Wednesday, marking the second consecutive buy signal on the chart. This stock is a solid 4 for 5’er within the favored precious metals sector that has maintained a long-term market RS buy signal since February 2016. Monthly momentum just flipped positive, while weekly momentum has been positive for four weeks. The weight of the evidence is positive. From here, initial support sits at $44. |
| MWK Mohawk Group Holdings, Inc. ($6.79) - Internet - MWK completed a bullish catapult pattern on Wednesday with a double top buy signal at $6.50. This stock is a 4 for 5’er within the favored internet sector that has experienced two months of positive monthly momentum. Note MWK is testing resistance at current levels and has support available at $4.50. |
| NDSN Nordson Corporation ($192.90) - Machinery and Tools - Nordson shares moved higher to $194 and broke a double top, marking its second consecutive buy signal. This 5 for 5'er has been in a positive trend since April and has maintained a market RS buy signal since November 2016. Monthly momentum has been positive for three months, suggesting that there may be room for more upside potential. NDSN is actionable at current levels. From here, support is offered at $186 with resistance at $196. Note that earnings are expected on 8/18/20. |
| OLLI Ollies Bargain Outlet Holding Inc. ($108.05) - Retailing - OLLI returned to a buy signal with a double top breakout at $102 before moving higher to $110 with today’s action. As a result, OLLI is now trading at new all-time highs. This stock is a solid 3 for 5’er within the favored retailing sector that moved back into a positive trend in early April. OLLI currently ranks 22nd out of 82 names in the sector RS matrix, confirming its strength versus its peers. Demand is in control, and the technical weight of the evidence is positive. From here, initial support sits at $94. |
| SGRY Surgery Partners ($15.13) - Healthcare - SGRY reversed up into a column of Xs Wednesday and broke a double top at $15.50. This 5 for 5'er moved to a positive trend last week and ranks in the top half of the favored healthcare sector RS matrix. Weekly momentum also recently flipped positive, suggesting the potential for further upside from here. Exposure may be considered at current levels, with initial support offered at $13.50. Further support may be found at the bullish support line, which currently sits at $11.50. Note that SGRY is at overhead resistance from June of this year and has earnings expected on 8/5. |
| TENB Tenable Holdings, Inc. ($31.29) - Software - TENB continued higher Wednesday to complete a bullish triangle at $32, marking a third consecutive buy signal and matching a 52-week high last seen in June. This 3 for 5'er moved to a positive trend in April and ranks in the top half of the favored software sector RS matrix. The overall technical picture continues to strengthen here. Initial support can be found at $28 with further support found at $27. Note that earnings are expected on 7/28. |
| WSM Williams-Sonoma, Inc. ($85.84) - Retailing - Williams-Sonoma shares returned to a buy signal with a double top breakout at $86 before pushing higher to $87. This 5 for 5'er has been in a positive trend since April and has maintained a market RS buy signal since May. Additionally, WSM ranks in the top third of the favored retailing sector RS matrix. Monthly momentum has been positive for three months, suggesting the potential for higher prices. From here, initial support sits at $81 with overhead resistance at $88. Note WSM offers a 2.33% yield. |
| XEL Xcel Energy, Inc. ($68.68) - Utilities/Electricity - Shares of XEL advanced on Wednesday to break a spread quintuple top at $68, returning the stock to a buy signal. The 4 for 5'er ranks in the top quartile of the favored utilities/electricity stock sector matrix and reentered a positive trend in April of this year, demonstrating favorable relative and absolute strength, respectively. In addition, XEL recently experienced a flip to positive weekly momentum, suggesting the potential for further upside. Demand is in control. The next level of resistance resides at $70 while initial support is offered at $62. Note XEL also offers a yield of 2.6% and expects to release earnings on July 30th. |
