Comments include: ALGT, ASH, B, CC, CDNS, DAL, LPX, & TOL.
| ALGT Allegiant Travel Company ($105.94) - Aerospace Airline - ALGT reversed into Xs and broke a double top at $106 for a third buy signal since falling into the $80s earlier this month. The stock improved to a 4 for 5'er after seeing the peer RS chart reverse back into Xs during last week's trading, and it now ranks within the top quintile of the Aerospace Airline sector matrix. From here, note resistance within the mid $110s from February this year. Initial support lies at $99, while additional resides at $96. |
| ASH Ashland Inc. ($63.36) - Chemicals - ASH fell to a sell signal Wednesday when it broke a double bottom at $63. The technical picture for the stock remains modestly positive as ASH is a 3 for 5'er and ranks in the top quintile of the chemicals sector matrix. From here, the next level of support sits at $55. |
| B Barrick Mining Corporation ($36.16) - Precious Metals - B gave a second consecutive sell signal and fell to a negative trend when it broke a double bottom at $37 on Wednesday. The negative trend change will drop the stock to an unfavorable 2 for 5'er. From here, the next level of support sits at $31; beyond that level B's chart shows no additional support until $17.50 |
| CC The Chemours Company ($20.88) - Chemicals - CC gave an initial sell signal Wednesday when it broke a double bottom at $19.50. The outlook for the stock remains modestly positive, however, as CC is a 3 for 5'er. From here, the next level of support sits at $18. |
| CDNS Cadence Design Systems, Inc. ($372.45) - Software - Shares of CDNS broke a triple bottom at $372, ending its streak of five consecutive buy signals. That said, the 5 for 5'er continues to look strong, trading in a positive trend and sitting in the top quartile of the software matrix, making it more of a strong buy than anything. From here, initial support lies at $368 then $332. |
| DAL Delta Air Lines Inc. ($90.22) - Aerospace Airline - DAL broke a double top at $88 for a third buy signal as shares rallied to a new all-time chart high at $90. The stock improved to a 5 for 5'er after seeing the peer RS chart return to an RS buy signal earlier this week, and it currently ranks within the top decile of the Aerospace Airline sector matrix. Okay to consider on a pullback to the low to mid $80s. Initial support lies at $82, while additional resides at $77. |
| LPX Louisiana-Pacific Corporation ($80.17) - Forest Prods/Paper - LPX returned to a buy signal Wednesday when it broke a triple top at $80. The outlook for the stock remains negative, however, as LPX is a 1 for 5'er that ranks 10th of 12 names in the forest products/paper sector matrix. From here, the first level of support sits at $74. |
| TOL Toll Brothers, Inc. ($161.47) - Building - TOL reversed into Xs and broke a double top at $160 for a fourth buy signal since latter part of May. The breakout brings the market RS chart back into Xs, which follows a positive trend change earlier this month, increasing the stock to a 4 for 5'er. Okay to consider on a pullback to the $150 range. Initial support lies at $150, while additional can be found in the upper $130 to $140 range. |
