Comments include: COP, CVX, GOOGL, ORCL, STZ, URI, & XOM.
| COP ConocoPhillips ($120.56) - Oil - COP returned to a buy signal and a positive trend Thursday when it broke a double top at $122. The outlook for the stock remains negative, however, as even with the positive trend change COP is an unfavorable 1 for 5'er. |
| CVX Chevron Corporation ($194.91) - Oil - CVX returned to a buy signal and a positive trend Thursday when it broke a double top at $194. The positive trend change will promote CVX to an acceptable 3 for 5'er. From here, the next level of overhead resistance sits at $198. Meanwhile, support can be found at $166. |
| GOOGL Alphabet Inc. Class A ($317.97) - Internet - Big down day for GOOGL today, falling as much as 8% after earnings. The move brings its well past the previously mentioned $332 level from our previous comment. The search engine giant isn't close to falling back down to a 2/5'er based on its strong relative performance against its peer group or broader market... but the break is certainly not constructive. From here, our first test on rebounds will come around the $350 mark- levels from February of this year. |
| ORCL Oracle Corporation ($120.10) - Software - Shares of ORCL broke a double bottom at $120 for its fifth consecutive sell signal. The 0 for 5'er has weakened significantly, moving into a negative trend and losing all of its market and peer relative strength. The those with exposure should eventually sell, but could wait for some reversal given its position at the bottom of its ten week trading band. |
| STZ Constellation Brands, Inc. ($128.79) - Food Beverages/Soap - STZ completed a double bottom break at $130, marking its fifth consecutive sell signal. The 1 for 5'er ranks in the bottom half of the Food Beverages/Soap sector matrix. A sell can be considered here. STZ currently sits on initial support between $128-$130. Initial strong resistance can be seen at $138, with additional resistance at $144. |
| URI United Rentals, Inc. ($1,148.70) - Machinery and Tools - URI completed a double top break at $1120, marking an intraday high above $1168. The 5 for 5'er ranks in the top quintile of the machinery and tools sector matrix. Long exposure can be made here. Initial support is at $1008, with additional support at $912 |
| XOM ExxonMobil Holdings Corp. ($156.86) - Oil - XOM returned to a buy signal and a positive trend Thursday when it broke a double top at $156. The positive trend change will elevate XOM to a 4 for 5'er. From here, XOM faces overhead resistance at $162, while support can be found at $136. |
