Comments include: AVAV, CVNA, NVO, RL, & TXRH.
| AVAV Aerovironment, Inc. ($176.87) - Aerospace Airline - AVAV advanced on Tuesday, gaining as much as 5% on the day. With the move, the 3/5'er posted its 5th consecutive buy signal on its default chart. From here, a range of resistance in the $180's will be a likely landing spot, also standing as the top of the trading band. Towards the downside, our first level of support is at $160. |
| CVNA Carvana Company ($311.19) - Autos and Parts - CVNA broke a double top at $312 for a fifth consecutive buy signal and to mark a 52-week. The stock is a 5 for 5'er that ranks 2nd (out of 47) within the Autos and Parts sector matrix. Okay to consider here on the breakout or on a pullback to the $290 range. Initial support lies at $292, while additional may be found at $268 and $252. |
| NVO Novo Nordisk A/S (Denmark) ADR ($70.34) - Drugs - NVO Novo Nordisk A/S (Denmark) ADR ($70.52) -Drugs- NVO reversed into Xs to break a double top at $71, marking its second consecutive buy signal. The 2 for 5’er ranks near the bottom of the drugs sector matrix. The technical picture is improving but NVO still sits well below its all-time highs and its bearish resistance line. Long exposure should be avoided for now. Initial support is at $67 with additional support $64. |
| RL Ralph Lauren ($284.43) - Textiles/Apparel - RL reversed into Xs and broke a double top at $284 for a second buy signal since the stock's April lows. The stock is a 5 for 5'er that ranks 2nd (out of 22) in the Textiles sector matrix and is accompanied by a yield of 1.3%. Okay to consider on a pullback to the lower $270s to upper $260s. Initial support lies at $264, while prior resistance at $236 can be seen as additional support. |
| TXRH Texas Roadhouse, Inc. ($199.17) - Restaurants - TXRH reversed into Xs and broke a double top at $196 for a second buy signal since the stock's April lows. The stock is a 4 for 5'er that has maintained positive near and long-term positive relative strength since mid 2022. Okay to consider on a pullback to the mid to lower $190s. Initial support lies in the upper $180s, while prior resistance in the lower $180s and upper $170s can be seen as additional support. |
