Comments include: ALB, BIDU, CENX, CNX, CTVA, DLTR, EQT, JPM, SO, UAL, & W.
| ALB Albemarle Corp ($103.74) - Chemicals - ALB returned to a buy signal and a positive trend Monday when it broke a double top at $100. The positive trend change will promote ALB to a 4 for 5'er and the stock ranks second of 44 names in the chemicals sector matrix. From here, overhead resistance sits at $106, ALB's all-time high. Meanwhile, support can be found at $89. |
| BIDU Baidu, Inc. (China) ADR ($132.08) - Internet - BIDU pushed higher Monday to break a double top at $132, notching a second consecutive buy signal. This 5 for 5'er moved to a positive trend in August and sits in the top third of the favored internet sector RS matrix. The weight of the technical evidence is positive and improving. Exposure may be considered on this breakout. Initial support can be seen at $122 with further support at $118. Note that earnings are expected on 11/18. |
| CENX Century Aluminum Co ($32.31) - Metals Non Ferrous - CENX returned to a buy signal Monday when it broke a double top at $33. The move adds to an already positive technical picture as CENX is a 5 for 5'er that ranks in the top quintile of the metals non ferrous sector matrix. From here, resistance sits at $34, while support can be found at $28. |
| CNX CNX Resources Corp ($36.56) - Oil - CNX returned to a buy signal Monday when it broke a triple top at $36. Monday's move adds to a positive technical outlook as CNX is a 4 for 5'er that ranks in the top half of the oil sector matrix. From here, support sits at $28. |
| CTVA Corteva Inc ($65.80) - Chemicals - After successfully testing its bullish support line, CTVA returned to a buy signal Monday when it broke a double top at $65, where it now sits against resistance. Monday's move adds to a modestly positive technical picture as CTVA is a 3 for 5'er and ranks near the middle of the chemicals sector matrix. From here, support sits at $61, a level from which CTVA reversed up three times in October. |
| DLTR Dollar Tree, Inc. ($106.62) - Retailing - DLTR broke a double top at $106 for a third buy signal since mid-October. The stock is a 3 for 5'er after reversing back into Xs on both the market and peer RS chart, and the stock now resides in the top half of the Retailing sector matrix. Okay to consider here on the breakout. Initial support lies at $98, while additional can be found at $93 and $90, the bullish support line. |
| EQT EQT Corporation ($58.94) - Oil - EQT returned to a buy signal and a positive trend Monday when it broke a spread triple top at $58. The positive trend change will promote EQT to an acceptable 3 for 5'er and the stock ranks in the top half of the oil sector matrix. From here, overhead resistance sits at $60, while support can be found at $51 |
| JPM J.P. Morgan Chase & Co. ($317.20) - Banks - JPM shares moved higher today to break a double top at $316 to mark its first buy signal. 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 actionable at current levels with a weekly overbought/oversold reading of 25%. From here, support is offered at $292. |
| SO The Southern Company ($90.85) - Utilities/Electricity - SO broke a double bottom at $90 to return to a sell signal and violate the bullish support line. Along with the trend reversal, the peer RS chart reversed into Os during late October, bringing SO down to a 2 for 5'er. From here, support lies at $88 and $85. |
| UAL United Airlines Holdings Inc. ($96.95) - Aerospace Airline - UAL reversed into Xs and broke a double top at $99 for a second buy signal as shares rallied to $100. This follows the stock moving back into a positive trend during Friday's (11/5) trading, which increased the stock to a 4 for 5'er. From here, resistance can be found at current prices, while the September rally high lies at $110. Support lies at $93, the bullish support line, while additional lies at $91. |
| W Wayfair Inc. ($113.42) - Retailing - W broke a double top at $110 for a second buy signal as shares rallied to $114, marking the highest level since 2022. The stock is a 5 for 5'er that ranks 3rd (out of 93) in the Retailing sector matrix. Okay to consider in the upper $90 to upper $100 range. Initial support lies at $96, while prior resistance in the lower $90s may act as additional support. |
