BDX, SKYW, DHI, HIBB, EIX, ROKU, ARCH, SMCI, & SNOW.
| ARCH Arch Resources Inc ($164.15) - Oil - ARCH returned to a buy signal on Tuesday when it broke a double top at $164. The technical picture for the stock remains negative, however, as it is a 2 for 5'er that ranks in the bottom quintile of the oil sector matrix. From here, overhead resistance sits at $168, while support can be found at $152. Earnings are expected on 4/25. |
| BDX Becton, Dickinson and Company ($231.81) - Healthcare - BDX shares moved lower today to break a double bottom at $232 to mark its third consecutive sell signal. This 0 for 5'er has been in a negative trend since October and on an RS sell signal versus the market since March. BDX is trading below the middle of its trading band with a weekly overbought/oversold reading of -27%. From here, support is offered at $232. |
| DHI D.R. Horton, Inc. ($146.59) - Building - DHI broke a double bottom at $148 to return to a sell signal as the stock fell to $146. This action followed the stock rally to an all-time high at $164 before the recent action brought the stock back toward the middle of the trading band. DHI remains a 5 for 5'er, but the stock has fallen into the bottom half of the Building sector matrix. Long-term holders should not support now lies at $140, while the bullish support line sits at $124. |
| EIX Edison International ($67.06) - Utilities/Electricity - EIX reversed into Os and broke a double bottom at $67 to return the stock to a sell signal. The stock remains a 3 for 5'er coupled with a yield north of 4.5% and the stock ranks in the top quintile of the Electric Utilities sector matrix. The breakdown here brings EIX down to test its bullish support line, which would be violated with a move below $66. From here, additional support lies at $64 and $62. |
| HIBB Hibbett Inc. ($70.25) - Retailing - HIBB broke a double bottom at $69 for a second sell signal since the stock's near-term peak at $83 in March. This follows the stock moving back into a negative trend in mid-March, which dropped the stock to a 3 for 5'er. From here, long-term holders should note support lies in the $63 to $64 range, while additional can be found at $58. |
| ROKU Roku, Inc. Class A ($58.36) - Media - Continue to avoid. Now down over 35% so far this year, this 0/5'er has moved lower throughout 2024 and relative strength continues to leave the name. Lows from late 2023 are in sight now at $56. While this is nearby, the path of least resistance is lower for now. |
| SKYW Skywest Inc ($66.35) - Aerospace Airline - SKYW broke a double bottom at $66 to complete a bearish signal reversal pattern as the stock fell to $65. This marks the first sell signal for the stock since initially giving a buy signal back into November of last year. SKYW remains a 5 for 5'er and ranks 2nd (out of 43) in the Aerospace Airline sector matrix, but the stock is testing near-term support on the default chart at current chart levels. Additional support on the default chart isn't found until the $49 level, while support on the more sensitive 0.50 point per box chart lies in the upper-$50s. |
| SMCI Super Micro Computer, Inc. ($976.30) - Computers - SMCI rose Tuesday to break a double top at $960, returning the stock to a buy signal after a string of four consecutive sell signals. This 3 for 5'er moved to a positive trend in February and has been on an RS buy signal against the market since 2018, highlighting its long-term strength. The weight of the technical evidence is mixed but improving once again. Initial support can be seen at $896 with further support offered at $880 and $864. Overhead resistance may be seen initially at $1056. |
| SNOW Snowflake, Inc. Class A ($150.30) - Software - SNOW fell Tuesday to break a spread triple bottom at $150, marking a second consecutive sell signal. This 0 for 5'er moved to a negative trend in February and sits in the lower quintile of the software sector RS matrix. The weight of the technical evidence is weak and showing further deterioration. Additional support can be seen at the $142 to $140 level from last fall. Overhead resistance can be seen initially at $160. |
