Comments include: ABC, APA, AVY. CLR, COP, CTRA, CVX, DAL, DAR, DELL, DVN, EQT, EVA, FANG, JPM, MOG.A, MOS, NOV, OKE, OXY, ROST, RPM, TRGP, UAL, ULTA, and WSM.
| ABC AmerisourceBergen Corporation ($136.77) - Drugs - ABC shares moved lower today to break a spread triple bottom at $136 to mark its first sell signal. This 3 for 5'er moved to a negative trend today but has been on an RS buy signal versus the market since March 2020. ABC shares are trading in slightly oversold territory with a weekly overbought/oversold reading of -32%. From here, support is offered at $136. |
| APA Apache Corporation ($32.87) - Oil - APA fell to a sell signal on Friday when it broke a double bottom at $36. The weight of the evidence for APA remains positive as it is a 3 for 5'er. However, the stock is trading in a negative trend and ranks in the bottom half of the oil sector matrix. From here, the next level of support sits at $31. |
| AVY Avery Dennison Corporation ($165.62) - Business Products - AVY continued lower along the broad on Friday violating its trend line when it hit $168. The move will drop AVY to a 4 for 5'er. From here, the next level of support sits at $160. |
| CLR Continental Resources Inc. ($64.05) - Oil - CLR fell to a sell signal and violated its trend line on Friday when it broke a double bottom at $66. The stock continued lower taking out two additional levels of support in the mid $60s. The weight of the evidence remains positive as even with the negative trend change CLR remains a 4 for 5'er. From here, the next level of support sits at $61. |
| COP ConocoPhillips ($100.59) - Oil - COP fell to a sell signal on Friday when it broke a triple bottom at $104. The technical picture remains positive as COP is a 5 for 5'er that ranks in the top quintile of the oil sector matrix. From here, support sits at $98. |
| CTRA Coterra Energy Inc. ($26.36) - Oil - CTRA fell to a sell signal on Friday when it broke a double bottom at $26. The stock now sits just above support at $25 and its bullish support at $24. CTRA is 3 for 5'er and ranks in the top half of the oil sector matrix. |
| CVX Chevron Corporation ($144.77) - Oil - CVX fell to a sell signal on Friday when it broke a double bottom at $152 and continued lower to violate its bullish support line, a move which will drop to an unfavorable 2 for 5'er. From here, the next level of support sits at $134, CVX's July low. |
| DAL Delta Air Lines Inc. ($28.91) - Aerospace Airline - DAL broke a double bottom at $29 to return to a sell signal. The 0 for 5'er is now testing its June lows from this year. Additional support lies at $28 and $25. Continue to avoid. |
| DAR Darling Ingredients Inc. ($67.05) - Food Beverages/Soap - Shares of DAR broke a spread quadruple bottom at $72 on Friday and continued lower to $67. The stock remains a 4 for 5'er at this time but the near-term picture shows significant deterioration. The bullish support line is located at $65, so a fall below such could warrant a reduction of exposure. |
| DELL Dell Technologies Inc Class C ($35.52) - Computers - DELL fell Friday to break a double bottom at $36 before falling to $35 intraday. This 1 for 5'er moved to a negative trend and gave an RS sell signal against the market last month. Avoid long exposure. Initial overhead resistance is seen at $40. |
| DVN Devon Energy Corporation ($57.69) - Oil - DVN was down over 8.5% on Friday printing seven Os on its default chart and violating its trend line, which will drop it to 5 for 5'er. Support now sits at $54. |
| EQT EQT Corporation ($41.26) - Gas Utilities - EQT broke a triple bottom at $44 before falling to $40 and violating the bullish support line. EQT will now become a 4 for 5'er trading in a negative trend. The move also takes out support in the lower $40s that dates back to August. Support now lies at $32, the July chart low. |
| EVA Enviva Inc ($64.24) - Utilities/Electricity - EVA broke a spread triple bottom at $66, violating the bullish support line, as the stock fell to $63. EVA will now drop to a 3 for 5'er trading in a negative trend. Support for the stock now lies at $56, the July lows. |
| FANG Diamondback Energy Inc ($115.20) - Oil - FANG was down nearly 9% on Friday, giving a second consecutive sell signal and violating its trend line, which will drop it to a 3 for 5'er. From here, the next of support on FANG's chart sits at $104, the stock's 2022 low. |
| JPM J.P. Morgan Chase & Co. ($108.35) - Banks - JPM shares moved lower today to break a double bottom at $110 to mark its first sell signal. This 1 for 5'er has been in a negative trend since January and on an RS sell signal versus the market since April. JPM shares are trading in slightly oversold territory with a weekly overbought/oversold reading of -31%. From here, support is offered at $108. |
| MLM Martin Marietta Materials In ($320.05) - Building - MLM gave a third consecutive sell signal and violated its trend line on Friday when it broke a triple bottom at $324, which will drop it to an unfavorable 2 for 5'er. From here, the next level of support sits at $304. |
| MOG.A Moog Inc. ($72.73) - Aerospace Airline - MOG.A broke a triple bottom at $72 for a second sell signal. The stock remains a 3 for 5'er but is now trading at its lowest levels of 2022. Support now lies at $68, the December 2021 low. From there, support also lies in the lower-$60s. |
| MOS Mosaic Company ($48.53) - Chemicals - MOS gave a second consecutive sell signal and violated its trend line on Friday, a move which will drop to a 4 for 5'er. From here, the next level of support sits at $44. |
| NOV NOV Inc. ($15.18) - Oil Service - NOV violated its trend line on Friday when it hit $15. A move which will drop it to a 3 for 5'er. From here, the next level of support on NOV's default chart sits at $14. |
| OKE ONEOK, Inc. ($52.76) - Gas Utilities - OKE fell more than 8% on Friday, violating its trend lane and taking out multiple levels of support, including breaking a spread quintuple bottom at $52. With this move OKE has taken out al support it has found this year and will drop to a 3 for 5'er. From here, the next level of support on OXY's chart sits at $49 and dates to August of last year. |
| OXY Occidental Petroleum Corporation ($58.73) - Oil - OXY continued in Os on Friday, violating its trend line when it hit $61. The overall technical picture remains positive as OXY even with the negative trend change OXY is a favorable 4 for 5'er and ranks in the top third of the oil sector matrix. From here, support sits at $57. |
| ROST Ross Stores, Inc. ($84.07) - Retailing - ROST broke a double bottom at $86 before falling to $84, and violating the bullish support line. ROST still drop to a 1 for 5'er trading in a negative trend as the stock now lies at support at $84. Additional support can be found at $80 and $78. |
| RPM RPM, Inc. ($85.53) - Chemicals - RPM violated its trend on Friday when it fell to $85, which will drop the stock to a 3 for 5'er. RPM ranks 14th out of 52 names in the chemicals sector matrix. From here, the next level of support sits at $83. |
| TRGP Targa Resources Corp. ($59.75) - Gas Utilities - TRGP continued lower on Friday, violating its trend line at $65, which will drop to a 3 for 5'er. TRGP took out additional support in the low $60s, reaching as low at $59; from here, the next level of support sits at $56. |
| UAL United Airlines Holdings Inc. ($32.81) - Aerospace Airline - UAL broke a spread quadruple bottom at $33 for a second consecutive sell signal and a violation of the September and June lows. UAL remains a 1 for 5'er and new exposure should be avoided. Support now lies at $31, the March low, and $30, the July 2020 pullback level. |
| ULTA Ulta Beauty, Inc. ($390.60) - Retailing - ULTA broke a double bottom at $400, completing a bullish signal reversal, before falling to $388. The 4 for 5'er now sits one box above the bullish support line at $384. A move to $380 would violate the support line and drop the stock to a 3 for 5'er. Support beyond the BSL lies at $364. |
| WSM Williams-Sonoma, Inc. ($125.63) - Retailing - WSM broke a double bottom at $128 for the third consecutive sell signal. The move also violates the bullish support line and will bring the stock down to a 3 for 5'er. WSM lies at support at $126, while additional support can be found at $108, the June chart low. |
