Comments include: AMR, CDNS, CNEX, COIN, NEW, PSX, ROST, & SYY.
| AMR Alpha Metallurgical Resources Inc. ($184.23) - Oil - After giving five consecutive sell signals, AMR returned to a buy signal Wednesday when it completed a bearish signal reversal at $184. The outlook for the stock remains unfavorable, however, as AMR is a 0 for 5'er that ranks 48th of 55 names in the oil sector matrix. From here, the first level of support sits at $158. |
| CDNS Cadence Design Systems, Inc. ($305.53) - Software - CDNS advanced Wednesday to break a double top at $308. This also moved the stock back to a positive trend, promoting it to a 4 for 5 TA rating. The technical picture is now favorable. However, the stock is at resistance at the current position. Further confirmation would be seen with appreciation to $312 or higher. Initial support is seen at $288 and $280. |
| CENX Century Aluminum Co ($53.62) - Metals Non Ferrous - CENX returned to a buy signal and reached a new multi-year high Wednesday when it broke a quadruple top at $56. The breakout adds to an already strong technical picture as CENX is a 5 for 5'er that ranks in the top quintile of the non-ferrous metals sector matrix. From here, support sits at $49. |
| COIN Coinbase Global, Inc. Class A ($210.26) - Software - COIN pushed higher Wednesday to break a triple top at $188 before rising over 15% intraday to $212. This 3 for 5 TA stock showed near-term improvement against the market and its peers last week. Weekly momentum also recently flipped positive, suggesting the potential for further upside from here. The weight of the technical evidence is mixed but improving. Initial support is seen at $174 with further support seen at $172. Overhead resistance may be found initially at $252, the current location of the bearish resistance line, and at $260. |
| NEU NewMarket Corporation ($636.61) - Chemicals - After giving five consecutive sell signals, NEU gave an initial buy signal Wednesday when it broke a double top at $640. The outlook for the stock remains unfavorable despite Tuesday's move as NEU is a 2 for 5'er that ranks 40th of 45 names in the chemicals sector matrix. From here, the next level of overhead resistance is NEU's bearish resistance line at $720. Meanwhile, support can be found at $608. |
| PSX Phillips 66 ($164.91) - Oil Service - PSX completed a shakeout pattern Wednesday with a triple top break at $164. Wednesday's move adds to a modestly positive technical picture as PSX is a 3 for 5'er. However, the stock has now pushed into heavily overbought territory with a weekly OBOS reading north of 90%. From here, the first level of support sits at $150. |
| ROST Ross Stores, Inc. ($211.56) - Retailing - ROST reversed into Xs and broke a double top at $208 for a sixth buy signal as shares rallied to new chart highs at $216. The stock has been a 5 for 5'er since November last year and current ranks within the top decile of the Retailing sector matrix. Those seeking to initiate expsoure will look for consolidation around the $200 range along with a normalization of the 10-week trading band before considering. Initial support lies at $196, while additional can be found at $186. |
| SYY Sysco Corporation ($87.62) - Food Beverages/Soap - SYY has improved dramatically in recent months, but the stock finally moved back to a sell signal tpday with a break of a double bottom at $87. However, the 3 for 5'er is still in hold territory given its positive trend and peer relative strength. Additionally, reversal into Xs would initiate the start of a shakeout pattern. From here, initial support comes from the bullish support line at $77, with further support at $76 and $72. |
