AMD, BEEM, EEFT, FAST, FIVE, NVRO, OKTA, SWI & WEX
| AMD Advanced Micro Devices, Inc. ($97.21) - Semiconductors - AMD moved higher Tuesday to break a double top at $96 before continuing to a new all-time high at $97 intraday. This 3 for 5'er moved to a positive trend last month and has been on an RS buy signal against the market since mid-2018. The overall technical picture remains positive here and is improving. Initial support is offered at $90, with further support offered at $84. |
| BEEM Beam Global ($38.30) - Finance - BEEM shares moved higher today to break a spread triple top at $38 to mark its second consecutive buy signal. This 5 for 5'er has been in a positive trend since October and on an RS buy signal versus the market since July. Recent price action has put BEEM into heavily overbought territory, so those wishing to initiate a long position may be best served to wait for a pullback or price normalization. From here, support can be found at $33. |
| EEFT Euronet Services Inc. ($138.12) - Finance - EEFT shares moved higher today to break a double top at $138 to mark its fourth consecutive buy signal. This 5 for 5'er has been in a positive trend since November and on an RS buy signal versus the market since October of 2018. Recent price action has put EEFT into heavily overbought territory, so those wishing to initiate a long position may be best served to wait for a pullback or price normalization. From here, support can be found at $128. |
| FAST Fastenal Company ($49.83) - Building - Shares of FAST broke a spread triple top on Tuesday, resulting in a second consecutive buy signal and new all-time chart high. The 4 for 5'er demonstrates favorable long-term relative strength versus the market, remaining on an RS buy signal for over a year and in a column of Xs since March of 2018. Demand is in control and FAST is actionable at current levels. Initial support is offered around $46. |
| FIVE Five Below Inc ($157.47) - Household Goods - After forming a double top at $166, FIVE broke a double bottom at $158, setting the chart up for a potential shakeout pattern. From here, the shakeout would be activated with a three box reversal up into Xs and would complete with a triple top buy signal at $168. FIVE is a 5 for 5’er within the favored household goods sector. |
| NVRO Nevro Corp. ($170.26) - Healthcare - NVRO shares pushed higher today to break a double top at $168 to return to a buy signal. This 4 for 5'er has been in a positive trend since April and on an RS buy signal versus the market since August of 2019. With a weekly overbought/oversold reading of 3%, NVRO is actionable at current levels. From here, support can be found at $160. |
| OKTA Okta Inc ($261.77) - Software - OKTA advanced Tuesday to break a double top at $256 before rising to a new all-time high at $264 intraday. This 5 for 5'er moved to a positive trend in March and sits in the top half of the software sector RS matrix. The stock has also maintained an RS buy signal against the market since February 2018. Weekly momentum recently flipped positive as well, suggesting the potential for further upside from here. Exposure may be considered at current levels, with initial support offered at $232. Further support may be found at $228 and $204. |
| SWI SolarWinds Corp. ($18.67) - Software - SWI fell Tuesday to break a double bottom at $19 before dropping to $18.50 intraday. This also broke through the bullish support line to place the stock in an overall negative trend, demoting it to a 0 for 5'er. Weekly momentum recently flipped negative as well, suggesting the potential for further downside from here. Long exposure should be avoided. Further support can be found at $17.50. Initial overhead resistance may come at the all-time high of $24 seen earlier this month. |
| WEX WEX Inc. ($199.62) - Business Products - WEX broke a double top Tuesday at $194, marking its fifth consecutive buy signal before reaching $200 intraday. This 3 for 5'er moved to a positive trend last month and ranks in the top half of the business products sector RS matrix. The overall weight of the evidence is positive here, however, the recent price appreciation has left WEX in 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 $186, with further support offered in the $176 to $170 range. |
