Comments include: CVNA, GOOGL, LSCC, ODFL, & STLA.
| CVNA Carvana Company ($43.01) - Autos and Parts - CVNA reversed down into Os and broke a double bottom at $43 for the first sell signal since April. The sell signal follows a reversal down into Os on the market RS chart following Friday's action and into Os on the peer RS chart following Tuesday's action. The stock is now a 3 for 5'er with the RS chart reversals into Os, but it still resides in the top quintile of the Autos and Parts sector matrix. Support now lies at $37 and $35. |
| GOOGL Alphabet Inc. Class A ($129.27) - Internet - GOOGL returnd to a buy signal today on strong earnings results. This perfect 5/5'er has had a strong year, leading the Communications Services sector in line with other tech-focused names from the space. All things considered, the name is still actionable at current levels and sits at new 2023 highs as of now. Support is offered below in the $116-$120 range. |
| LSCC Lattice Semiconductor Corp ($85.01) - Semiconductors - LSCC moved lower Wednesday to break a double bottom at $85, marking a second consecutive sell signal. This also violated the bullish support line, moving the stock into a negative trend and demoting it to a 2 for 5 TA rating. Monthly momentum also recently flipped negative, suggesting the potential for further weakness. The weight of the technical evidence is now negative heading into the company's earnings release on 7/31. Further support may be seen at $84, with additional support offered at $77 and $76. Overhead resistance may be found at $98. |
| ODFL Old Dominion Freight Line, Inc. ($420.75) - Transports/Non Air - Transports (and Industrials in general) continue to chug along from a broad sector perspective. ODFL moved higher with today's action on positive earnings results, sitting at all-time chart highs at the time of this writing. Those looking to add exposure should continue to look for pullbacks/dollar cost averaging in opportunities as the name does sit above the top of its trading band. |
| STLA Stellantis NV ($19.24) - Autos and Parts - STLA broke a triple top at $19 to complete a shakeout pattern, returning the stock to a buy signal and marking a 52-week high. STLA is a 4 for 5'er that ranks in the top half of the Autos and Parts sector and is accompanied by a yield of roughly 8%. From here, resistance lies at $21, the stock's 2021 chart highs, while support lies at $15.50 and $15, the bullish support line. |
