Comments include: AVGO, CCOI, CLR, CTLT, DVN, FFIV, NTES, RL, SNX, and XOM.
| AVGO Broadcom Ltd ($558.45) - Semiconductors - AVGO moved higher Thursday to break a double top at $560. This also broke through the bearish resistance line to place the stock in a positive trend, improving AVGO to a 5 TA rating. The stock also sits in the top half of the favored semiconductors sector RS matrix and has maintained an RS buy signal against the market since 2010. Exposure may be considered on this breakout. Initial support is offered at $528, with further support potentially found at $488. Note that the earnings are expected on 9/1. |
| CCOI Cogent Communications Group, Inc. ($57.81) - Internet - CCOI broke a double bottom at $58 to return to a sell signal and violate the bullish support line. The stock will become a 2 for 5'er will fall in rank furhter into the bottom half of the Internet sector matrix. A move above $65 would return to trend to positive and a buy signal. Support lies at $56, the May and June 2022 lows. |
| CLR Continental Resources Inc. ($70.56) - Oil - CLR gave a second consecutive buy signal on Thursday when it broke a triple top at $70. The move also returned CLR to positive trend and will elevate it to a 5 for 5'er. From here, CLR faces overhead resistance at $75, its multi-year high. Meanwhile, support can be found at $66. |
| CTLT Catalent Inc. ($106.42) - Drugs - CTLT shares moved lower today to break a double bottom at $106 to mark its first sell signal. This 4 for 5'er has been in a positive trend since July but on an RS sells signal versus the market since February. CLTL is trading in the middle of its trading band and is testing its bullish support line. From here, support is offered at $99. |
| DVN Devon Energy Corporation ($67.92) - Oil - DVN returned to a positive trend and gave a third consecutive buy signal on Thursday when it broke a double top at $66. The positive trend change will promote DVN to a 4 for 5'er; the stock also ranks in the top half of the oil sector matrix. From here, DVN faces overhead resistance at $72, while support sits at $62. DVN carries a 9.75% yield. |
| FFIV F5 Inc. ($173.44) - Internet - FFIV broke a double top at $174 for a third consecutive buy signal. The stock is a 3 for 5'er that ranks in the bottom half of the Internet sector matrix. Resistance lies at $178. Support lies at $166 and $160. |
| NTES Netease.com Inc. (China) ADR ($85.41) - Internet - NTES broke a double top at $94 for a second consecutive buy signal. The stock is a 4 for 5'er that is rebounding after pulling back in the late-July and early-August. Resistance lies at $97 and $100. Support lies at $90, the bullish support line, as well as in the $87 to $88 range. |
| RL Ralph Lauren ($98.61) - Textiles/Apparel - RL broke a double bottom at $96 for a second sell signal and to violate the bullish support line. This will bring the stock down to a 1 for 5'er. Support now lies at $94 and $91. |
| SNX TD SYNNEX Corporation ($106.57) - Computers - SNX gave a second consecutive buy signal at $106 Thursday, matching the rally high from June. This 4 for 5'er moved to a positive trend in July and ranks in the top half of the computers sector RS matrix. Monthly momentum also recently flipped positive, suggesting the potential for further upside from here. Initial support is found at $98 with further support at $92, which is the current level of the bullish support line. |
| XOM Exxon Mobil Corporation ($94.38) - Oil - XOM gave a third consecutive buy signal Thursday when it completed a bullish triangle at $95. The move adds further positive evidence to XOM's technical picture as the stock is a 4 for 5'er and ranks in the top quintile of the oil sector matrix. XOM now finds support at $90, while overhead resistance sits at $97. |
