ABG, AMCX, AMRC, CPRI, CROX, EAT, EQT, KLAC, MITK
| ABG Asbury Automotive Group Inc. ($204.96) - Retailing - ABG broke a double top at $204 on Friday, marking the stock’s fourth consecutive buy signal. ABG is a 3 for 5’er within the retailing sector that has experienced three weeks of positive weekly momentum. From here, support sits at $192. |
| AMCX AMC Networks Inc ($51.02) - Media - AMCX broke a double bottom at $51 on Friday, marking the stock’s fourth consecutive sell signal. This move violated the bullish support line, demoting AMCX to an unacceptable 0 for 5’er. Monthly momentum just flipped negative and AMCX ranks near the bottom of the unfavored media sector stock matrix. Avoid. Earnings are expected on 8/6. |
| AMRC Ameresco Inc. ($68.53) - Machinery and Tools - Shares of AMRC broke a double top at $69 on Friday, resulting in a sixth consecutive buy signal. The 5 for 5'er ranks second out of 72 names in the machinery and tools stock sector matrix and is approaching its all-time chart high from February of this year. Demand is in control and those looking to build long exposure may consider dollar-cost averaging at current levels. Initial support is offered at around $63. |
| CPRI Capri Holdings Ltd ($56.38) - Retailing - CPRI broke a double top at $53 before moving higher to $58 on Friday as a reaction to earnings. The stock broke through its bearish resistance line, flipping the trend back to positive. As a result, CPRI is a 4 for 5’er within the retailing sector. Demand is in control. From here, support sits at $48 while CPRI is testing overhead resistance at current levels. |
| CROX Crocs, Inc. ($135.57) - Textiles/Apparel - CROX broke a double top at $138 on Friday, marking the stock’s sixth consecutive buy signal and a new all-time high. CROX is a 5 for 5’er that ranks #1 in the textiles/apparel sector stock matrix. Additionally, weekly momentum has been positive for two weeks, suggesting the potential for higher prices. From here, support sits at $126. |
| EAT Brinker International Inc ($54.52) - Restaurants - EAT is a 2 for 5’er that ranks 28th out of 29 names in the unfavored restaurants sector matrix. With today’s action, EAT broke a double bottom at $55, marking the stock’s second consecutive sell signal. From here, additional support sits at $54 while EAT faces resistance at $60. Avoid. Earnings are expected on 8/18. |
| EQT EQT Corporation ($18.40) - Gas Utilities - EQT broke a double bottom at $18 on Friday, marking the stock’s second consecutive sell signal. With yesterday’s action, EQT was demoted to a 2 for 5’er as its market RS chart reversed down into Os. Weekly momentum has been negative for seven weeks while monthly momentum just flipped negative. Avoid. |
| KLAC KLA Corp ($348.16) - Semiconductors - KLAC moved sharply higher Friday following its earnings report to break a spread quadruple top at $328 before matching its all-time high at $356 intraday. This 5 for 5'er moved to a positive trend last week and ranks in the top half of the semiconductors sector RS matrix. The weight of the evidence is positive here, however, the stock is nearing overbought territory. Initial support can be found at $304. |
| MITK Mitek Systems, Inc. ($22.11) - Software - MITK moved higher Friday after their earnings release to break a double top at $21 before reaching $22 intraday, marking a new all-time high and a gain of more than 13%. This 5 for 5'er moved to a positive trend in July 2020 and ranks in the top quintile of the software sector RS matrix. The weight of the evidence is positive here, however, the stock has entered overbought territory. Those looking to add exposure may look to ease in at current levels or wait for a potential pullback/normalization of the trading band. Initial support can be found at $18.50 with further support offered at $18. |
