Comments include: C, CASY, MMM, NGVT, PM, & TSLA.
| C Citigroup, Inc. ($133.60) - Banks - C shares moved higher today to break a double top at $136 to mark its second consecutive buy signal. This 5 for 5'er has been in a positive trend since May and on an RS buy signal versus the market since January. C shares are trading in actionable territory with a weekly overbought/oversold reading of 44%. From here, support is offered at $120. |
| CASY Casey's General Stores Inc ($900.24) - Retailing - CASY reversed into Xs and broke a double top at $792 as shares climbed to $896, matching the all-time chart high from May. The stock is currently a 4 for 5'er, but this action places the Peer RS chart within one box of reversing back into Xs. CASY continues to maintain within the top quartile of the Retailing sector matrix. The stock is actionable on a pullback to the low to mid $800 range. Notable support lies in the $736 to $752 range on the chart. |
| MMM 3M Company ($157.72) - Chemicals - MMM gave a second consecutive buy signal and returned to a positive trend Wednesday when it broke a double top at $158. The outlook for the stock remains decidedly negative, however, as even with the positive trend change MMM is a weak 1 for 5'er. From here, the next level of overhead resistance sits at $176, MMM's multi-year high. Meanwhile, support can be found at $150. |
| NGVT Ingevity Corp ($68.69) - Chemicals - NGVT returned to a buy signal Wednesday when it broke a double top at $70. Wednesdays move adds to a modestly positive technical picture as NGVT is a 3 for 5'er and ranks in the top half of the chemicals sector matrix. From here, the next test for the stock is its bearish resistance line at $76. Meanwhile, support can be found at $64. |
| PM Philip Morris International Inc. ($182.95) - Food Beverages/Soap - PM reversed back up to complete a double top break at $182, marking its third consecutive buy signal. The 5 for 5'er moved up from a 3 last month after moving back into a positive trend and reversing back into Xs against the market. Additionally, the stock ranks in the third of the food beverages/soap sector matrix and offers a yield of 3.3%. Long exposure can be made here, given the weight of the evidence. Initial support is at $174, with additional support at $170. |
| TSLA Tesla Inc. ($383.63) - Autos and Parts - TSLA reversed into Os and broke a double bottom at $388 for a third sell signal since rallying to the mid $400s in May. The stock maintains a 4 technical attribute rating, but now sits within one box of penetrating the bullish support line and flipping the trend to negative. From here, beyond the bullish support line, additional lies at $368 before reaching the April lows at $340. |
