ABG, AN, BLK, CVLG, KRNT, ODFL, RETA, SAH, TSLA & WERN.
| ABG Asbury Automotive Group Inc. ($111.64) - Retailing - ABG broke a double top at $110 before moving higher to $112, marking a new rally high. This stock is a strong 5 for 5’er that ranks 9th out of 82 stocks in the favored retailing sector RS matrix. In addition, monthly momentum has been positive for two months and ABG has given a total of five consecutive buy signals since June. From here, initial support sits at $98. |
| AN Autonation Inc. ($57.51) - Autos and Parts - AN moved higher Wednesday to break a double top at $58, which also marks a new multi-year high. This 5 for 5'er moved to a positive trend in May and ranks 5th out of 51 names in the favored autos and parts sector RS matrix. Weekly and monthly momentum are also each positive, suggesting the potential for further upside from here. However, recent price movement has left the stock in overbought territory so those looking to add exposure may be best served to wait for a pullback or normalization of the trading band. Initial support can be found at $51. |
| BLK BlackRock, Inc. ($591.42) - Wall Street - BLK broke a double top at $600, successfully completing a bullish catapult pattern. As a result, BLK is now trading at new all-time highs and has given a total of four consecutive buy signals. BLK is a solid 4 for 5’er within the Wall Street sector that has maintained a peer RS buy signal since April 2013. Overall, demand is in control and the weight of the evidence is positive. From here, initial support sits at $568. Note BLK provides a yield of 2.5%. |
| CVLG Covenant Logistics Group Inc. ($19.50) - Transports/Non Air - CVLG broke a double top at $19.50 before moving higher to $20 and as a result, is now trading at new 52-week highs. This stock is a perfect 5 for 5’er that ranks 4th out of 43 names in the transports/nonair sector. Additionally, CVLG is trading in a positive trend. Demand is in control however CVLG is heavily overbought. From here, initial support sits at $17. |
| KRNT Kornit Digital Ltd ($57.00) - Machinery and Tools - KRNT broke a double top at $58 before moving higher to $59 on Wednesday, marking a new all-time high. This marks the third consecutive buy signal for this 5 for 5’er, confirming that demand is in control. Overall, the technical picture is positive. From here, initial support sits at $54. |
| ODFL Old Dominion Freight Line, Inc. ($192.58) - Transports/Non Air - ODFL broke a double top at $192 before moving higher to $194 on Wednesday. This stock is a perfect 5 for 5’er that has been trading in a positive trend since late April. Today’s breakout marks the sixth consecutive buy signal, confirming that demand is in control. From here, initial support sits at $178. |
| RETA Reata Pharmaceuticals Inc ($104.04) - Biomedics/Genetics - RETA broke a double bottom at $102 on Wednesday, marking the fourth consecutive sell signal on the chart. RETA is an unacceptable 0 for 5’er that ranks 125th out of 128 stocks in the unfavored biomedics/genetics sector. Supply is in control and the weight of the evidence is negative. Avoid. |
| SAH Sonic Automotive Inc. ($46.11) - Retailing - SAH broke a double top at $44 before moving higher to $46, marking a new all-time high and the fourth consecutive buy signal on the chart. This stock is a perfect 5 for 5’er that ranks 3rd out of 82 names in the retailing sector RS matrix. Additionally, SAH has experienced two months of positive monthly momentum and has maintained a long-term market RS buy signal since July 2019. From here, initial support sits at $38. |
| TSLA Tesla Inc. ($1,540.53) - Autos and Parts - TSLA returned to a buy signal on Wednesday with a double top breakout at $1536 before moving higher to $1584. This stock is a 4 for 5’er that ranks in the top quartile of the favored autos and parts sector RS matrix. From here, TSLA faces overhead resistance at $1664 while support sits at $1376. |
| WERN Werner Enterprises Inc ($45.65) - Transports/Non Air - WERN broke a triple top at $46 before moving higher to $47 and is now trading at new all-time highs. This marks the fourth consecutive buy signal on the chart for this 3 for 5’er within the transports/non air sector. Demand is in control. From here, initial support sits at $42 while the bullish support line would be tested with a move to $40. |
