Comments include: BBY, BLK, CELH, DG, FL, HSY, OLED, PLNT, SHOO, and SKX.
| BBY Best Buy Co., Inc. ($78.16) - Retailing - BBY broke a double bottom at $78 to end of series of buy signals that began back in February. This now brings the stock down to test the bullish support line - the stock's one positive technical attribute. From here, a come below $77 would violate the trendline and bring BBY into a negative trend. Additional support levels lie through the $70 range, with the January 2024 chart low residing at $70. Avoid for now. |
| BLK BlackRock, Inc. ($764.32) - Wall Street - BLK shares moved lower today to break a double bottom at $768 to mark its first sell signal. This 5 for 5'er has been in a positive trend since November and on an RS buy signal versus the market since October 2020. BLK shares are trading below the middle of their trading band. From here, support is offered at $768 with the next level of support far away at $600. |
| CELH Celsius Holdings, Inc. ($78.64) - Food Beverages/Soap - CELH returned to a sell signal on Friday with a double bottom break at $80. The stock remains a 3 for 5'er at this time but the technical picture is fading. For example, on the longer-term 2-point per box chart we see a series of lower highs. No new exposure here. Residual support is offered at around $77. |
| DG Dollar General Corp. ($148.66) - Retailing - DG broke a double bottom at $150 to end a series of buy signals that began in February. The positive action to kick off 2024 has brought about positive near-term RS against the market and its peer group as the stock rallied to within one box of its bearish resistance line earlier this month. From here, it would take a move into the upper-$160s to see the stock flip the trend back to positive. From here, support lies at $148, while additional can be found at $138 and $130. |
| FL Foot Locker, Inc. ($22.05) - Retailing - FL broke a double bottom at $22 for a second sell signal since the stock's February near-term peak. FL still trades above the bullish support line and in a positive trend - the stock's one lone positive attribute - but now sits just two boxes above its bullish support line at $19.50. Continue to avoid at this time. |
| HSY The Hershey Company ($185.09) - Food Beverages/Soap - HSY shares printed a second consecutive sell signal on Friday and broke through their bullish support line. The now 2 for 5'er tests a big area of support dating back to October 2023. No new exposure here. Sell on rallies. |
| OLED Universal Display Corporation ($159.31) - Computers - OLED moved lower Friday to break a double bottom at $160, marking a third consecutive sell signal. This 2 for 5’er moved to a negative trend last month and sits in the bottom half of the unflavored computers sector RS matrix. The weight of the technical evidence is weak and continues to deteriorate. Further support may be seen at $156 with overhead resistance potentially found at $168. Note that earnings are expected on 5/1. |
| PLNT Planet Fitness Inc ($61.11) - Leisure - PLNT reversed into Os and broke a double bottom at $61 for the stock's third consecutive sell signal since reaching a near-term peak in mid-January. PLNT still trades in a positive trend - its one lone attribute - but the bullish support line is now the next level of near-term support for the stock. From here, a move below $55 would violate the trendline and drop the stock to a 0 attribute. Avoid for now. |
| SHOO Madden Steven LTD ($39.10) - Retailing - SHOO broke a triple bottom at $39 for the first sell signal since last summer and follows the stock rallying to resistance at $45. SHOO remains a 5 for 5'er that ranks in the top half of the Retailing sector matrix and is accompanied by a yield of north of 2%. Long-term holders may continue to hold here, but be aware of the bullish support line residing at $36. From here, a move above resistance at $45 would mark the highest level for the stock since early 2022. |
| SKX Skechers U.S.A, Inc. ($56.03) - Textiles/Apparel - SKX broke a double bottom at $56. This follows the stock putting in a lower top in February as the stock failed to retest prior highs from January at $65. SKX remains a 5 for 5'er and ranks just outside the top half of the Textiles/Apparel sector matrix, suggesting there may be peers with stronger technical pictures. Long-term holders may continue to hold here but should look for positive near-term chart developments before considering further. Form here, support lies at $49, the bullish support line, while additional can be found at $46, the September/October 2023 chart lows. |
