Analyst Observations | Nasdaq Dorsey Wright

Comments include: AVGO, MPC, OLLI, & ULTA.

AVGO Broadcom Ltd ($352.48) - Semiconductors - AVGO moved higher Wednesday to break a double top at $356. This 4 for 5'er moved to a positive trend in April and sits in the top half of the semiconductors sector RS matrix. The overall technical picture is positive and improving again. Initial support is seen at $336 and $332. Overhead resistance is seen at $360 and $364. Note that earnings are expected on 12/11.

MPC Marathon Petroleum Corp. ($195.56) - Oil Service - MPC gave an initial sell signal Wednesday when it broke a double bottom at $192. Despite Monday's move, the outlook for the stock remains favorable as MPC is a 5 for 5'er and ranks in the top half of the favored oil service sector matrix. From here, the next level of support sits at $176. Meanwhile, overhead resistance sits at $204, a level from which MPC has reversed down four times since September.

OLLI Ollies Bargain Outlet Holding Inc. ($119.51) - Retailing - OLLI broke a double bottom at $120 to return to a sell signal and to violate the bullish support line. This will drop the stock down to a 2 for 5'er trading in a negative trend. From here, support now lies at $116 and $112.

ULTA Ulta Beauty, Inc. ($495.72) - Retailing - ULTA broke a double bottom at $496 for a second sell signal since reaching the October rally high at $568. The stock maintains a 4 TA rating and continues to ranks within the top quartile of the Retailing sector matrix. From here, support lies at $488, while additional can be found at $472 and $464.

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