ELF, ADC, FLS, SEDG, SMG, AMD, & TXN.
| ADC Agree Realty Corporation ($63.05) - Real Estate - ADC shares broke a spread quadruple bottom at $63 on Wednesday, resulting in a third consecutive sell signal and fresh yearly low. The 2 for 5'er now sits near its lowest levels in the past three years. Those still long may consider selling into rallies. |
| AMD Advanced Micro Devices, Inc. ($109.35) - Semiconductors - AMD moved lower Wednesday after their earnings release, breaking a double bottom at $108. This marks the second consecutive sell signal for the 2 for 5'er that just showed near-term relative weakness against the market and its peers at the end of July. The overall technical picture is now negative, however, the stock is positioned at support at $108 from June. Further support is seen at $99, the current location of the bullish support line, with initial overhead resistance seen at $118. |
| ELF Elf Beauty Inc ($133.19) - Household Goods - ELF shares jumped on Wednesday following a strong earnings report. Although, note that the stock has been a 5 for 5'er since June of last year. Today's move puts ELF in heavily overbought territory, so those with existing long exposure may consider selling calls to generate income and provide downside protection; however, the weight of the evidence remains positive. Initial support is down around $110. |
| FLS Flowserve Corporation ($39.05) - Machinery and Tools - FLS broke a 4th consecutive buy signal on its default chart today, moving to new 2023 highs in the process. It has been a strong year for this 3/5'er, which has jumped nearly 25% YTD. Overall, the path of least resistance looks to be higher for this name, which remains in actionable territory at the time of this writing and has moved higher within its sector matrix throughout the last month. |
| SEDG Solaredge Technologies ($195.51) - Machinery and Tools - SEDG fell Wednesday after their earnings release to break a double bottom at $224 before falling over 18% to $192 intraday. This 1 for 5'er moved to a negative trend last month and sits in the bottom decile of the machinery and tools sector RS matrix. The weight of the technical evidence is weak and continues to deteriorate. Avoid long exposure. Note that the stock is now in a heavily oversold condition. Those with current positions may look toward a reversal high as a potential sell-on-rally candidate. Overhead resistance is seen initially at $244. |
| SMG The Scotts Company ($57.86) - Chemicals - SMG was down 19% on Wednesday following its earnings release, the stock printed fifteen Os on its default chart, dropping it to a sell signal and a negative trend. The negative trend change will demote SMG to a weak 1 for 5'er. SMG now sits against support at $57, a level from which it has rallied two prior times since February. Beyond this level, it shows no additional support on its default chart until $46. |
| TXN Texas Instruments Incorporated ($172.44) - Semiconductors - TXN fell Wednesday to break a double bottom at $172, which also violated the bullish support line to place the stock in a negative trend. This demotes the stock to a 1 for 5 TA rating. It also ranks in the bottom quartile of the semiconductors sector RS matrix and saw monthly momentum recently flip negative, suggesting the potential for further downside from here. Further support may be seen at $168 with additional support offered at $162 and $160. Overhead resistance may be seen initially at $188. |
