Comments include: BBY, DAL, KO, LRCX, MTRN, MU, & NVDA.
| BBY Best Buy Co., Inc. ($78.06) - Retailing - BBY broke a double top at $79 as shares rallied above $80, marking a fourth buy signal since May this year. The stock has been a 3 for 5'er since May and currently ranks within the top quartile of the Retailing sector matrix. From here, note resistance in the lower $80s. Initial support lies in the mid to lower $70s, while the bullish support line sits at $64. |
| DAL Delta Air Lines Inc. ($88.85) - Aerospace Airline - DAL broke a double bottom at $91 to initiate a shakeout pattern as shares fell to $89. DAL maintains a 5 technical attribute rating and currently ranks 2nd (out of 63) within the Aerospace Airlines sector matrix. The action point for the shakeout pattern would occur upon a reversal back into Xs - currently at $92 - while the pattern would be complete upon the triple top break at $96. Initial support now resides at $82, while additional can be foudn in the mid $70s. |
| KO The Coca-Cola Company ($84.13) - Food Beverages/Soap - KO inched higher to complete a double top break at $85, marking its fifth consecutive buy signal and a new all-time high. Still, the stock is rated a hold with its 3/5 technical attribute score. Continue to monitor for further technical improvement. Initial support is at $79, with additional support at $77. |
| LRCX Lam Research Corporation ($323.05) - Semiconductors - Like most other semiconductors companies, LRCX plummeted on Tuesday, moving to its second consecutive sell signal. Today's action also saw LRCX lose its near-term market relative strength, bringing it down to a 4 for 5'er. Despite recent selloff, LRCX continues to trade in a positive trend while maintaining long-term relative strength, making it one to hold onto for now. From here, initial support lies at $304 then $264. |
| MTRN Materion Corp. ($247.20) - Chemicals - MTRN gave an initial sell signal Tuesday when it broke a triple bottom at $256. The outlook for the stock remains decidedly positive as MTRN is a 5 for 5'er that ranks first out of 46 names in the chemicals sector matrix. From here, the next level of support sits at $220. |
| MU Micron Technology, Inc. ($921.00) - Semiconductors - MU continued its decline on Tuesday, moving to its second consecutive sell signal. Action earlier in July saw MU lose its near-term market relative strength, taking it down to a 4 for 5'er. Despite its recent selloff, the stock's long-term picture continues to hold up, and those with exposure should continue holding on for now. From here, initial support lies from $896 to $880, while previous resistance in the low $800s could also serve as future support. Investors should watch for further volatility with this name. |
| NVDA NVIDIA Corporation ($196.51) - Semiconductors - NVDA broke a double bottom at $192 for its third consecutive sell signal. The 2 for 5'er lost its near-term relative strength at the end of June, bringing it down into sell territory. The stock now sits right above its bullish support line at $188, below which it would move back into a negative trend. Despite being such a big name, those with exposure to the stock could look to sell it at current levels. From here, initial support lies at $190/. |
