Comments include: EMN, H, META, MSFT, ODFL, & RACE.
| EMN Eastman Chemical Company ($70.56) - Chemicals - EMN returned to a buy signal Thursday when it broke a triple top at $71, where it now sits against its bearish resistance line. The outlook for the stock remains negative, however, as EMN is a 0 for 5'er. From here, the first level of support sits at $67. |
| H Hyatt Hotels Corp. ($177.84) - Leisure - H broke a spread quadruple bottom at $182 for a second sell signal as shares fell to $166, marking the lowest level since May. The move also violates the bullish support line, which shift the trend to negative and drop the stock down to a 4 for 5'er in technical attribute rating. From here, support lies at $164 on the chart, while additional can be found in the $158 to $160 range. |
| META Meta Platform Inc. ($539.03) - Internet - META moved lower to give a triple bottom sell signal at $576, breaking the bullish support line and flipping the stock to a negative trend. This trend change demotes the 1 for 5'er to a 0 for 5'er, leaving the name without any positive technical attributes. META ranks in the bottom half of the internet sector matrix and shows very poor relative strength against both its peers and the market. For now, the stock should be avoided until we see meaningful technical improvement. Initial support lies at $528 then $480. |
| MSFT Microsoft Corporation ($451.10) - Software - MSFT moved significantly higher on earnings, rising more than 15% to give a buy signal at $408, marking a third consecutive buy signal for the stock. MSFT continues to hold a positive trend, and this bounce-back action reinforces that improvement. Additionally, today's move also saw the stock regain near-term market relative strength, bringing it up to hold territory a 3 for 5'er. Initial support can be seen at the bullish support line at $380. |
| ODFL Old Dominion Freight Line, Inc. ($212.47) - Transports/Non Air - ODFL posted its second consecutive sell signal with intraday action. It is still up quite nicely so far this year, but it is worth watching the series of lower highs off recent ATH's. It remains a technically defendable 3/5'er at the time of this writing, having journey up along its bullish support line just below current levels. Moves to that point around $190 wouldn't be out of the question... but our ultimate goal is to get back to those highs around $250 |
| RACE FERRARI NV ($397.96) - Autos and Parts - RACE broke a double top at $400 for a second buy signal in July and to mark the highest level since November last year. The stock shifted back into a positive trend in June, increasing the stock to a 3 for 5'er. RACE also ranks within the top third of the Autos and Parts sector matrix and maintains positive long-term market and peer relative strength. Okay to consider here on the breakout or on a pullback to the upper $300 range. Note resistance at $432. Initial support lies at $360, while the bullish support line sits at $352. |
