Comments include: ALK, COST, EMN, JPM, LLY, NVO, OKLO, ORCL, RCL, & UPS.
| ALK Alaska Air Group Inc ($54.09) - Aerospace Airline - ALK broke a double top at $55 for a second buy signal as shares rallied above $56, clearing resistance that dates to March of this year. This also flips the trend back to positive, which will increase the stock up to a 3 for 5'er. From here, resistance isn't found until the $70 range. Initial support lies at $50 to $51 range, while additional can be found at $46. |
| COST Costco Wholesale Corporation ($935.15) - Retailing - COST broke a triple bottom at $928 to return the stock to a sell signal. COST maintains a 3 technical attribute rating, but the stock has worked its way into the bottom third of the Retailing sector matrix. From here, support lies at $880, while additional can be found at $800. |
| EMN Eastman Chemical Company ($75.77) - Chemicals - EMN fell to a sell signal Wednesday after unsuccessfully testing its bearish resistance line. The move adds to an already weak technical picture as EMN is a 0 for 5'er that ranks in the bottom third of the chemicals sector matrix. From here, the next level of support on EMN's chart sits at $75. Earnings are expected on 7/30. |
| JPM J.P. Morgan Chase & Co. ($297.04) - Banks - JPM shares moved higher today to break a double top at $300 to mark a new all-time high. This 5 for 5'er has been in a positive trend since November 2023 and on an RS buy signal versus the market since March 2024. JPM shares are trading in heavily overbought territory with a weekly overbought/oversold reading of 79%. From here, support is offered at $284. |
| LLY Eli Lilly and Company ($762.95) - Drugs - LLY reversed down on Tuesday, breaking a quintuple bottom at $760. The 2 for 5'er lost one point after reversing into a negative trend with its latest move. Additionally, the stock ranks at the bottom of the drugs sector matrix. Sell your position here, given the weak technical picture. Initial strong resistance can be seen at $816, with additional resistance at $896. |
| NVO Novo Nordisk A/S (Denmark) ADR ($53.94) - Drugs - NVO slid down 20% on Tuesday, breaking a double bottom at $64 and reaching an intraday low below $54. The 1 for 5'er lost two points this month after exhibiting both short term and long term strength against the market. Additionally, the stock ranks in the bottom half of the drugs sector matrix. The weekly OBOS indicates that the stock is currently in oversold territory, so wait for the 10-week trading band to normalize before selling your position. Long exposure should be avoided. Initial strong resistance is at $71, with additional resistance at $81. |
| OKLO Oklo Inc. ($72.82) - Utilities/Electricity - OKLO broke a double top at $78 for a third consecutive buy signal and to mark a new all-time chart high. The stock has improved up to a 5 for 5'er and now ranks 3rd (out of 48) within the Electric Utilities sector matrix. Okay to consider on a pullback to the mid to lower $70 range. Initial support lies at $72, while additional can be found at $59. |
| ORCL Oracle Corporation ($249.98) - Software - ORCL pushed higher Tuesday to break a double top at $252, notching a sixth consecutive buy signal and new all-time high. This stock has a 5 for 5 TA rating and sits in the top 10% of the software sector RS matrix. While the technical picture is strong, the stock is overbought. Initial support is seen at $236 with further support at $228 and $204. |
| RCL Royal Caribbean Cruises Ltd. ($334.43) - Leisure - RCL reversed into Os and broke a double bottom at $336 to initiate a shakeout pattern as shares fell to $324. The stock continues to maintain a 5 technical attribute rating and ranks within the top decile of the Leisure sector matrix. From here, the action point for the shakeout pattern would be upon a reversal back into Xs at $336, while the pattern would be complete upon a triple top break at $356. Support current resides at prior resistance in the upper $270 range. |
| UPS United Parcel Service, Inc. ($90.84) - Transports/Non Air - UPS posted its first sell signal since April, continuing its long-term negative trend with the formation of a spread quintuple bottom that has broken through three levels of support. This breakdown reinforces the bearish technical picture and suggests continued weakness ahead. |
