Comments include: ANET, ANF, MOS, NRG, PLNT, SHOP, TCTZF, & TOST.
| ANET Arista Networks Inc ($139.00) - Telephone - ANET jumped upwards of 17% on the day following strong earnings. The stock is a technically actionable 3/5'er at the time of this writing, but is now reaching up into heavily overbought territory. Those with exposure continue to sit tight in the event that this earnings is a catalyst for further technical improvement, and those looking to open holdings would be best suited to wait for some normalization. We will look to old resistance in the low $130's as a potential constructive pullback point. |
| ANF Abercrombie & Fitch Co. ($103.71) - Retailing - ANF broke a double top at $102 to return to a buy signal as shares rallied to $104, matching the May rally high. The stock has improved to a 4 for 5'er with recent reversals back into Xs on both the market and peer RS charts during last week's trading. Okay to consider here on the breakout or on a pullback to the mid $90s. Initial support lies at $90, while additional can be found in the $80 range. |
| MOS Mosaic Company ($31.16) - Chemicals - MOS fell to a sell signal Wednesday when it broke a double bottom at $33. The technical outlook for the stock remains marginally positive as MOS is a 3 for 5'er and ranks in the top quartile of the chemicals sector matrix. From here, the next level of support is MOS's bullish support line at $26. |
| NRG NRG Energy, Inc. ($150.26) - Utilities/Electricity - NRG broke a double bottom at $160 to complete a bullish signal reversal pattern as shares fell to $146. The stock maintains a 5 technical attribute rating, but holders will want to closely monitor support at $144. Beyond the mid $140s, support resides at prior resistance in the $100 to mid $110s range. |
| PLNT Planet Fitness Inc ($106.13) - Leisure - PLNT broke a double bottom at $102 to complete a bullish signal reversal pattern as shares fell to $98. This brings the stock down to test the bullish support line, which would be violated with a move below $97. PLNT continues to maintain a 4 technical attribute rating. From here, support beyond the bullish support line resides in the lower $90s. |
| SHOP Shopify Inc ($153.49) - Retailing - SHOP broke a triple top at $130 to complete a shakeout pattern as shares rallied to $156, matching the stock's all-time chart high. The stock is a 5 for 5'er that ranks within the top quintile of the Retailing sector matrix. This rally brings SHOP into overbought territory, so those seeking exposure to the stock are better served by looking for price consoldiation and a normalization of the 10 week trading band before considering. |
| TCTZF Tencent Holdings Limited ($73.00) - Internet - TCTZF pushed higher to break a double top at $73, notching a new multi-year high. This 4 for 5'er moved to a positive trend in July and has been on an RS buy signal against the market since February. The weight of the technical evidence is favorable and improving. Initial support can be seen at $67 with further support at $63. |
| TOST Toast, Inc. Class A ($46.20) - Restaurants - TOST reversed into Os and broke a double bottom at $45 to initiate a shakeout pattern as shares fell to $44. The stock is a 5 for 5'er that ranks within the top quintile of the Restaurants sector matrix. From here, the action point for the shakeout pattern would upon a reversal back into Xs at $47, while the pattern would be complete with a triple top break at $50. Initial support lies at $43, while additional can be found in the $41 to $40 range. |
