BBWI, BOOT, IFF, MRK, SPT, and W
| BBWI Bath & Body Works Inc. ($49.01) - Retailing - BBWI broke a double top at $49 for a third consecutive buy signal as the stock rallied to match the February 2023 chart high. The stock is a 4 for 5'er that ranks in the top quintile of the Retailing sector matrix and is accompanied by a yield of roughly 1.7%. Okay to consider here on the breakout or on a pullback to $46 on the chart. From here, a move to $50 would mark a multi-year high. Initial support lies at $44 while additional can be found at $41. |
| BOOT Boot Barn Holdings Inc ($91.14) - Retailing - BOOT reversed back into Xs and broke a double top at $89 to return to a buy signal as the stock rallied to $91. The stock is a 5 for 5'er that ranks in the top half of the Retailing sector matrix. Monthly momentum has also flipped back positive. Okay to consider here on the breakout or on a pullback to $88 on the chart. Initial support lies at $85, while additional can be found at $83. |
| IFF International Flavors & Fragrances Inc. ($85.64) - Food Beverages/Soap - Since our last comment, the technical picture has materially improved for IFF. The stock is now a 3 for 5'er and recently broke out of a trading range; that said, we would like to see follow through to relative strength buy signals. The next level of resistance is positioned at $88. Support is offered at $81. |
| MRK Merck & Co., Inc. ($131.82) - Drugs - MRK shares moved higher today to break a double top at $132 to mark its second consecutive buy signal and a new all-time high. This 4 for 5'er has been in a positive trend since October 2022 but on an RS sell signal versus the market since April 2021. MRK shares are trading near the top of their trading band. From here, support is offered at $120. |
| SPT Sprout Social Inc Class A ($60.07) - Software - SPT moved higher Wednesday to break a double top at $62, which also returned the stock to a positive trend and promotes it to a 4 for 5 TA rating. This ends a streak of three consecutive sell signals over the past several weeks, indicating that demand may be taking back control of the price action. Initial support is now seen at $55. |
| W Wayfair Inc. ($67.57) - Retailing - W broke a triple top at $67 for a fifth consecutive buy signal since February as the stock rallied to $69 to match the December 2023 chart high. W is a 5 for 5'er that ranks in the top quartile of the Retailing sector matrix. Monthly momentum has flipped back positive. Okay to consider here on the breakout or on a pullback to $66 on the chart. From here, a move to 470 would mark a 52-week high. Initial support lies at $63, while additional can be found at $59 and $58, the bullish support line. |
