Analyst Observations | Nasdaq Dorsey Wright

Comments include: ALB, IONS, NUE, & PBF.

ALB Albemarle Corp ($72.58) - Chemicals - ALB was down more than 11% on Tuesday and fell to a negative trend when it hit $73. The negative trend change will drop ALB to an unfavorable 2 for 5'er. From here, the next level of support sits at $65.

IONS Ionis Pharmaceuticals Inc. ($64.50) - Drugs - IONS inched up higher to break a double top at $63, marking its third consecutive buy signal and a new multi-year high. The 5 for 5'er shifted up from a 3 earlier this month after moving to an RS buy signal against both the market and its peers. Additionally, the stock ranks second in the drugs sector matrix. The weekly OBOS indicates that the stock is in heavily overbought territory, so wait for the 10-week trading band to normalize before considering. Initial support is at $59, with additional support at $41.

NUE Nucor Corporation ($141.02) - Steel/Iron - NUE fell to a sell signal Tuesday when it broke a triple bottom at $142. The weight of the evidence remains moderately positive as NUE is a 3 for 5'er and ranks in the top half of the steel/iron sector matrix. From here, the next level of support is NUE's trend line at $138; beyond that level further support can be found at $136, a level from which NUE rallied three times in July and August.

PBF PBF Energy Inc. ($30.14) - Oil Service - PBF returned to a positive trend on Tuesday when it broke a double top at $30. The positive trend change will promote PBF to a 5 for 5'er; the stock also ranks in the top quintile of the oil service sector matrix. Tuesday's move has pushed the stock into heavily overbought territory. From here, the first level of support sits at $22.

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