Comments include: AAON, ADI, CASY, CVX, ELF, FANG, IRTC, PYPL, & SWK.
| AAON Aaon Inc ($80.12) - Building - AAON moved further down, breaking a double bottom at $92 and reaching an intraday low below $79. The 2 for 5'er shifted down from a 4, after moving moving into a negative trend and exhibiting short term relative weakness against the market. If invested, consider selling your position here. Long exposure should be avoided. Initial resistance is at $97, with additional resistance at $100. |
| ADI Analog Devices, Inc. ($232.49) - Semiconductors - ADI advanced to notch a third consecutive buy signal and new rally high of $232. This 4 for 5'er moved to a positive trend in May and has maintained an RS buy signal against the market since November 2016. The technical picture is favorable and continues to improve. However, ADI is nearing overbought territory with heavy overhead resistance seen initially at $244. Initial support can be seen at $208. |
| CASY Casey's General Stores Inc ($490.43) - Retailing - CASY broke a double top at $480 for a third consecutive buy signal since March as the stock rallied to $504, a new all-time chart high. CASY is a 4 for 5'er that ranks within the top half of the Retailing sector matrix. Okay to consider on a pullback to $450 to $480 range. Initial support lies at $432, while additional lies at the bullish support line at $408. |
| CVX Chevron Corporation ($143.35) - Oil - CVX completed a second consecutive buy signal Tuesday when it broke a spread triple top at $144. The weight of the evidence for CVX remains negative, however, as it is a 2 for 5'er trading in a negative trend. The stock shows no additional resistance on its chart until its trend line at $154. Meanwhile, support can be found at $134, a level from which CVX has rallied four times this year. |
| ELF Elf Beauty Inc ($117.30) - Household Goods - Shares of ELF broke a double top at $122 for its fifth consecutive buy signal. The 3 for 5’er returned to a positive trend near the end of May while regaining near-term relative strength on both its market and peer RS charts. However, the stock is still lacking long-term relative strength and is in heavily overbought territory above the top of its 10-week trading band. While the stock has improved and might be acceptable on a pullback, it still has further room to improve. From here, resistance starts at $136 with additional levels at $140 and $146. |
| FANG Diamondback Energy Inc ($145.18) - Oil - FANG gave a second consecutive buy signal and returned to a positive trend Tuesday when it broke a double top at $146, where it now sits against resistance. The weight of the evidence remains negative as even with the positive trend change FANG is an unfavorable 2 for 5'er. |
| IRTC Irhythm Technologies Inc ($149.67) - Healthcare - IRTC inched higher to break a double top at $148, marking its second consecutive buy signal and a new multi-year high. The 5 for 5'er shifted up from a 3 last month after exhibiting long term relative strength against both the market and its peers. Additionally, IRTC ranks third in the healthcare sector matrix. The weekly OBOS indicates that the stock is currently in overbought territory, so wait for the 10-week trading band to normalize before considering. Initial support is at $138, with additional support at $98. |
| PYPL Paypal Holdings Inc ($74.31) - Finance - PYPL shares moved higher today to break a double top at $75 to mark its third consecutive buy signal and enter a positive trend. This 1 for 5'er has been on an RS sell signal versus the market since October 2021. PYPL shares are trading in normalized territory with a weekly overbought/oversold reading of 48%. From here, support is offered at $70. |
| SWK Stanley Black & Decker, Inc. ($68.89) - Machinery and Tools - Following up on our last comment- SWK returned to a test of its negative trend line around current levels. Buyer beware, the stock remains a poor attribute name despite the return to a technical buy signal on its default chart. Continue to avoid exposure until technical improvement is found. |
