AVLR, DIS, IMMR & ORA
| AVLR Avalara Inc ($165.16) - Software - AVLR continued lower Tuesday to break a double bottom at $166. This name has pulled back substantially from its all-time high of $184 reached last week, however, the stock is still a 5 for 5'er that ranks in the top half of the software sector RS matrix. The long-term technical picture remains strong despite the near-term pullback. Further support can be found at $158. The stock would return to a buy signal from current levels with a double top break at $186, which would also mark a new all-time high. |
| DIS The Walt Disney Company ($177.10) - Media - DIS broke a double top at $180 and is now trading at new all-time highs. This stock is a 5 for 5’er within the favored media sector that has maintained a long-term market RS buy signal since September 2008. From here support sits at $168. Note DIS is more than 100% overbought at current levels. |
| IMMR Immersion Corporation ($12.94) - Software - IMMR moved significantly higher Tuesday, breaking a double top at $11 before rising almost 40% intraday to a new multi-year high at $13.50. This also broke through the stock's bearish resistance line, which had been in place since late-2018, improving the security to a 5 for 5'er from an attribute perspective. The overall weight of the evidence is now strongly positive, however, IMMR is in heavily overbought territory with an intraday weekly OBOS reading north of 218%. 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 on the more sensitive, 1/4 point chart at $8.50 and $8.25. |
| ORA Ormat Technologies, Inc. ($90.65) - Utilities/Electricity - ORA, a 4 for 5’er that ranks 3rd out of 49 stocks in the utilities/electricity sector RS matrix, broke a double top at $89 before moving higher to $91. As a result, ORA is now trading at new all-time highs. Furthermore, weekly momentum has been positive for two weeks while monthly momentum has been positive for two months. From here, support sits at $85. |
