Nasdaq Dorsey Wright

Comments include: HP, LCRX, META, & O.

HP Helmerich & Payne, Inc. ($44.64) - Oil Service - HP returned to a positive trend on Thursday, when it reached $45. The technical outlook remains negative as even with the positive trend change HP is a 2 for 5'er and ranks in the bottom decile of the oil service sector matrix. The stock now sits against resistance at $45. Meanwhile, support sits at $31.

LRCX Lam Research Corporation ($701.95) - Semiconductors - LRCX moved higher Thursday after their earnings release to break a double top at $664 before reaching $712 intraday. This 3 for 5'er moved to a positive trend in November and ranks in the top third of the semiconductors sector RS matrix. The weight of the technical evidence is positive, as the stock has given 8 consecutive buy signals and is now within one box of moving back to an RS buy signal against the market. However, LRCX is now in an overbought position, so those looking to add exposure may be best served waiting for a pullback or normalization of the trading band. Initial support can be seen at $616 with further support at $600.

META Meta Platform Inc. ($311.71) - Internet - META jumped as much as 6% on the day today after a strong earnings report, moving back up to the top of the trading band. This strong 5/5'er has had a stellar 2023, up over 150% at the time of this comment. As the name continues to run up despite being overbought, consider dollar cost averaging into positions going forward.

O Realty Income Corporation ($62.19) - Real Estate - Shares of O reentered a positive trend on Thursday and increased to a 3 for 5 attribute rating. However, the stock remains within a defined trading range. Further bullish confirmation would come with a break past January 2023 resistance at $68. Note earnings are expected on 8/2.

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