Comments include: ALB, CDNS, MCD, & PSX.
| ALB Albemarle Corp ($200.03) - Chemicals - ALB completed the second signal change in two trading sessions when it returned to a buy signal with a double top break at $198 on Monday. Monday's move adds to a positive overall technical picture as ALB is a 5 for 5'er and ranks in the top third of the chemicals sector matrix. From here, ALB faces overhead resistance at $212. Meanwhile, support can be found at $186. |
| CDNS Cadence Design Systems, Inc. ($335.59) - Software - CDNS broke a double top Monday ahead of their earnings release. This marks the second consecutive buy signal for the 4 for 5 TA stock that moved back to a positive trend earlier this month. The weight of the technical evidence is favorable and is improving. Earnings are expected after the market closes Monday (4/27). Initial support can be seen at $312 with further support seen at $272 and $264. Multiple overhead resistance levels are seen from $340 to the all-time highs at $376. |
| MCD McDonald's Corporation ($292.30) - Restaurants - MCD broke a triple bottom at $296 to return to a sell signal as shares fell to $292, dropping the stock down to its lowest level since July of last year. The move also violates the bullish support line, which will drop the stock down to a 3 for 5'er traidng in a negative trend. Note the market RS chart resides within one box of an RS sell signal, while the peer RS chart sits within one box of reversing down into a column of Os. From here, the June 2025 chart low resides at $284, while the January 2025 low mark sits at at $280. |
| PSX Phillips 66 ($164.54) - Oil Service - After giving two consecutive sell signals, PSX retuned to a buy signal Monday when it broke a double top at $166. The outlook for the stock remains negative, however, as PSX is a 1 for 5'er. From here, the next test for the stock is its bearish resistance line at $180. Meanwhile, support can be found at $154. |
