Comments include: ALB, VTU, DLTR, HAS, MP, NVDA, PM, SPOT, & TSLA.
| ALB Albemarle Corp ($163.56) - Chemicals - ALB gave a second consecutive sell signal Thursday when it broke a spread sextuple bottom at $156. The stock now sits against support, however, below this level, ALB shows no further support until $140. The outlook for the stock remains positive despite Thursday's move as ALB is a 5 for 5'er that ranks near the middle of the chemicals sector matrix. |
| BTU Peabody Energy Corporation ($38.51) - Oil - BTU was up more than 10% on Thursday and returned to a buy signal when it broke a double top at $37 and continued higher, reaching a new multi-year high at $40. Thursday's move adds to a marginally positive technical picture as BTU is a 3 for 5'er. From here, the first level of support sits at $32. |
| DLTR Dollar Tree, Inc. ($104.71) - Retailing - DLTR broke a double bottom at $106 for a fourth sell signal and to bring the chart down to test the bullish support line. From here, a move to $104 would violate the trendline and drop the stock to a 4 for 5'er. Beyond the bullish support line, additional support can be found in the upper $90s. |
| HAS Hasbro, Inc. ($90.60) - Leisure - HAS broke a double bottom at $91 for a third sell signal since peaking at $106 in February. The stock continues to maintain a 5 technical attribute rating and ranks within the top quintile of the Leisure sector matrix. From here, support for the stock now lies at $85 and in the $79 to $80 range. |
| MP MP Materials Corp. ($53.57) - Metals Non Ferrous - MP returned to a sell signal Thursday when it broke a triple bottom at $56 and continued lower taking out additional support at $53. Thursday's move adds to an already weak technical picture as MP is a 0 for 5'er and ranks in the bottom half of the non-ferrous metals sector matrix. From here, the next level of support sits at $50. |
| NVDA NVIDIA Corporation ($178.56) - Semiconductors - NVDA fell Thursday to break a double bottom at $178 before dropping to $176 intraday. This demotes the stock back down to a 2 for 5'er as it moves to a negative trend. The back-and-forth action over the past several weeks has led to a mixed technical picture that continues to see a narrowing trading range. We now have strong support seen at $176 with additional support at $170. Overhead resistance is seen at $188 and $196. We will need to see the stock break meaningfully in one direction before the true trend can be established. |
| PM Philip Morris International Inc. ($163.37) - Food Beverages/Soap - Shares of PM broke a double bottom at $162 to move back to a sell signal. Action today also saw the stock move back to a negative trend, bringing the stock down to hold territory as a 3 for 5'er. Those with positions should hold for now, but should monitor further drops in relative strength. From here, support lies at $154 then $148 and $144. |
| SPOT Spotify Technology S.A. ($482.52) - Media - After breaking back to a positive trend on its default chart, SPOT fell as much as 7% today, returning to a sell signal. The name has picked up some RS recently despite still being down about 15% so far this year... with that said exercise caution. From here, we will watch the next level of support at the newly established support line at $464. |
| TSLA Tesla Inc. ($381.02) - Autos and Parts - TSLA broke a spread quadruple bottom at $380 to return to a sell signal and violate support that dated to November last year. The stock continues to maintain a 2 technical attribute rating, but support now isn't found until prior resistance in the upper $350s, while additional lies at $344. Long-term holders may look to lighten up or hedge depending on cost basis. |
