Comments include: CEG, LSCC, LW, PKX, QCOM, ROST, SF, TSLA, & WFRD.
| CEG Constellation Energy Corporation ($175.67) - Utilities/Electricity - CEG broke a double bottom at $178 for a second sell signal in July and marks the lowest chart level for the stock since March this year. The stock reversed into Os on the market RS chart last week, dropping the stock to a 4 for 5'er, and is within one box of reversing into O on the peer RS chart. From here, support now lies at $164, while the bullish support line resides at $138. |
| LSCC Lattice Semiconductor Corp ($55.40) - Semiconductors - LSCC moved lower Wednesday to break a spread triple bottom at $55, marking a fourth consecutive sell signal. This 0 for 5'er moved to a negative trend in May and sits near the bottom of the semiconductors sector RS matrix. The weight of the technical evidence is weak and deteriorating. Long exposure should be avoided. Further support can be seen at $54 with additional support at $52. Overhead resistance may be found at $59 with more notable resistance seen at $63 and $65. Note that earnings are expected on 7/29. |
| LW Lamb Weston Holdings Inc ($56.35) - Food Beverages/Soap - LW shares cratered on Wednesday after a disappointing earnings report. The stock was downgraded to a 2 for 5'er in April of this year, so those still long may consider selling into rallies. The 2022 lows are at around $50. |
| PKX POSCO (Korea) ADR ($62.88) - Steel/Iron - PKX returned to a sell signal on Wednesday when it broke a double bottom at $64. The move adds evidence to an already negative technical picture as PKX Is a 2 for 5'er that ranks in the bottom third of the steel/iron sector matrix. From here, the next level of support, which dates to March of last year, sits at $59. PKX is expected to report earnings on 7/25. |
| QCOM QUALCOMM Incorporated ($181.70) - Semiconductors - QCOM fell Wednesday to break a double bottom at $184 before falling to $182 intraday. This marks the third consecutive sell signal for this stock that has fallen to a 2 for 5 TA rating over the past week. The technical picture is weak and deteriorating. Further support may be seen at $178 with additional support seen at $158. Overhead resistance may be found at $196. Note that earnings are expected on 7/31. |
| ROST Ross Stores, Inc. ($142.98) - Retailing - ROST broke a double bottom at $142 to return to stock to a sell signal. This follows the 4 for 5'er rallying to a new all-time chart high at $152 earlier this month. Okay to continue to hold here. Support now lies at $138 and $128, while the bullish support line resides at $120. |
| SF Stifel Financial Corp ($84.28) - Wall Street - SF completed a shakeout pattern today as it broke a triple top buy signal at $87. In doing so, this 5 for 5'er, posted new all-time highs while sitting in the top quartile of the Wall Street sector. initial support now lies at $82 with further support at $77. |
| TSLA Tesla Inc. ($219.34) - Autos and Parts - TSLA reversed into Os and broke a double bottom at $236 to complete a bearish triangle as the stock fell to $216. The stock now resides within one box of reversing into Os on both the market and peer RS charts, leaving two potential attributes at risk. From here, support lies at prior resistance in the $200 range, while the bullish support line resides at $186. |
| WFRD Weatherford International Plc ($121.93) - Oil - WFRD fell to a sell signal on Wednesday when it broke a double bottom at $122. The technical picture for the stock remains positive as it is a 5 for 5'er that ranks third out of 60 names in the oil sector matrix. Wednesday's move sets up a potential shakeout pattern; the action phase of the pattern would come with a reversal up into Xs. Meanwhile, the pattern would be negated with a move to $118. |
