Comments include: CAKE, COP, FANG, NET, NTES, SHAK, & TSLA.
| CAKE The Cheesecake Factory Incorporated ($60.29) - Restaurants - CAKE broke a sperad quadruple bottom at $60 for a second sell signal since peaking in July. The stock continues to be a 5 for 5'er and ranks within the top quintile of the Restaurants sector matrix. From here, support lies at $58, the bullish support line, while additional can be found in the mid to lower $50s. |
| COP ConocoPhillips ($91.40) - Oil - COP fell to a sell signal and a negative trend Monday when it broke a triple bottom at $91, where it now sits against support. The negative trend change will drop COP to a 1 for 5'er and the stock ranks in the bottom half of the oil sector matrix. |
| FANG Diamondback Energy Inc ($137.14) - Oil - After returning to a positive trend in late August, FANG fell to a sell signal and violated its trend line on Monday when it broke a double bottom at $136, where it now sits against support. The negative trend change will drop FANG to a 1 for 5'er. |
| NET Cloudflare Inc Class A ($219.87) - Internet - NET advanced Monday to break a double top at $216 before reaching a new multi-year high at $220 intraday. This 5 for 5'er moved to a positive trend in May and sits in the top quintile of the internet sector RS matrix. The weight of the technical evidence is favorable and steadily improving. Initial support can be seen at $200 with further support seen at $186. |
| NTES Netease.com Inc. (China) ADR ($142.90) - Leisure - NTES reversed into Xs and broke a triple top at $140 as shares rallied to $142, marking a new all-time chart high. The stock is a 5 for 5'er that ranks within the top third of the Leisure sector matrix and is accompanied by a yield north of 2%. Okay to consider here on the breakout or on a pullback to the mid $130s. Initial support lies at $132, while additional can be found at $124 and $120. |
| SHAK Shake Shack Inc ($97.53) - Restaurants - SHAK broke a double bottom at $99 for a second sell signal as shares fell to $98. The stock has fallen to a 3 for 5'er following reversals into Os on both the market and peer RS charts, while it has also fallen out of the top third of the Restaurants sector matrix. From here, support lies at $90, the bullish support line, while additional can be found at $85. |
| TSLA Tesla Inc. ($346.86) - Autos and Parts - TSLA broke a double top at $356 for a second buy signal and to match the June rally high. The stock maintains a 3 technical attribute rating, but still ranks within the bottom half of the Autos and Parts sector matrix. Additional resistance resides at $364, while initial support lies in the $320 range. |
