Comments include: ABT, AFL, ALB, FMC, GLW, GOOGL, HWKN, MSFT, OLN, TXRH, & VSCO.
| ABT Abbott Laboratories ($103.87) - Healthcare - ABT completed a double bottom break at $104, marking its fourth consecutive sell signal. The 1 for 5'er moved down from a 2 in January after reversing back into Os against the market. Additionally, the stock ranks in the bottom half of the healthcare sector matrix. A sell can be considered here given the weigh of the evidence. Initial resistance can be seen at $116, with additional resistance at $128. |
| AFL AFLAC Incorporated ($106.70) - Insurance - AFL shares moved lower today to break a double bottom at $106 to mark its first sell signal in over six months. This 4 for 5'er has been in a positive trend since August 2022 and on an RS buy signal versus the market since October 2022. AFL shares are trading below the middle of their ten-week trading band with a weekly overbought/oversold reading of 41%. From here, support is offered at $106 and its bullish support line currently resides at $106. |
| ALB Albemarle Corp ($176.25) - Chemicals - ALB returned to a buy signal Tuesday when it broke a double top at $172 and continued higher breaking a spread triple top at $174. Tuesday's move adds to an already positive technical picture as ALB is a 5 for 5'er that ranks near the middle of the chemicals sector matrix. From here, the first level of support sits at $156. |
| FMC FMC Corporation ($15.05) - Chemicals - FMC gave an initial buy signal Tuesday when it broke a triple top at $15.50. The outlook for the stock remains decidedly negative, however, as FMC is a 0 for 5'er that ranks in the bottom third of the chemicals sector matrix. From here, support sits at $13.50. |
| GLW Corning Incorporated ($143.01) - Electronics - GLW rose Tuesday to break a quadruple top at $136 before climbing over 9% intraday to $144. This ends a streak of consecutive sell signals for the 4 for 5'er that has been in a positive trend since last June. The weight of the technical evidence is favorable and improving once again. Initial support can eb seen at $128 with further support seen at $124 and $122. |
| GOOGL Alphabet Inc. Class A ($291.59) - Internet - Continue to watch the likes of GOOGL as more tech focused areas flounder a bit to close Q1. While the stock remains a strong 5/5'er, it has rattled off a string of four consecutive sell signals on its default chart, leaving plenty of resistance in its way above current levels. Again, its worth noting that buy the book the name remains quite strong, but there is certainly some evidence that the technical picture for GOOGL and other core focused tech players has weakened materially. Watch support around the $270's closely. Towards the upside, resistance is found littered around the middle of the trading band around $316. |
| HWKN Hawkins Chemical Inc ($148.16) - Chemicals - HWKN returned to a buy signal and a positive trend Tuesday when it broke a triple top at $148. The positive trend change will promote the stock to a 4 for 5'er., From here, the next level of overhead resistance sits at $152; meanwhile, support can be found at $130. |
| MSFT Microsoft Corporation ($374.00) - Software - MSFT fell Tuesday to break a double bottom at $380 before falling to $372 intraday. This stock still has a 3 for 5 TA rating but has shown consistent weakness in recent weeks. The weight of the technical evidence is mixed but deteriorating further. MSFT is nearing oversold territory, increasing the potential for a near-term bounce. Initial support from here is seen at $356 with further support at $348. Overhead resistance is seen at $408. |
| OLN Olin Corp ($27.62) - Chemicals - OLN gave a second consecutive buy signal and returned to a positive trend Tuesday when it broke a double top at $27, where it now sits against resistance. The technical picture for the stock remains negative as even with the positive trend change OLN is unfavorable 2 for 5'er. From here, the first level of support sits at $23. |
| TXRH Texas Roadhouse, Inc. ($167.41) - Restaurants - TXRH broke a double bottom at $166 for a third sell signal and to match the chart lows from earlier this month. The stock continues maintain a 3 technical attribute rating and ranks within the top half of the Restuarants sector matrix. Support lies at current chart levels, which dates to December last year, and a move to $164 would bring the stock to its lowest level since November. Additional support lies at $160 and $156, the November chart low. |
| VSCO Victoria's Secret & Company ($43.50) - Retailing - VSCO broke a triple bottom at $44 for a third sell signal and to violate the bullish support line as shares fell to $43. The trendline violation will drop the stock down to a 2 for 5'er trading in a negative trend. From here, support lies at $41, while additional lies at $34. |
