Comments include: BJRI, GOOGL, NET, SCCO, & URI.
| BJRI BJ's Restaurants Inc. ($57.14) - Restaurants - BJRI broke a double bottom at $57 to complete a bearish triangle and count as a second sell signal. The move also brings the chart down to test near-term lows and the bullish support line, which would be violated with a move below $56. Along with a potential trend change with additional downside, the peer RS chart sits within one box of reversing down into Os. Beyond current support levels, additional can be found at $53. |
| GOOGL Alphabet Inc. Class A ($334.68) - Internet - GOOGL continues to consolidate off all-time highs above. It remains a 3/5'er and is defendable to hold for now, although we do need to be cautious of the series of lower highs since earlier this year. Towards the downside, look towards support from $316-$328. The bullish support line isn't too far below that, so a trip to those levels isn't out of the question. |
| NET Cloudflare Inc Class A ($307.22) - Internet - Shares of NET broke a double top at $308, moving back to a buy signal in the process. The 4 for 5'er moved into a negative trend last week, but remains more of a buy for the time being given its market and peer relative strength. That said, those with positions should watch for further deterioration. From here, initial support lies at $288 then $272. |
| SCCO Southern Copper Corporation ($193.94) - Metals Non Ferrous - SCCO gave a second consecutive sell signal and fell to a negative trend Wednesday when it broke a double bottom at $192. The outlook for SCCO remains positive, however, as even with the negative trend change is a 4 for 5'er. From here, the next level of support sits at $184. . |
| URI United Rentals, Inc. ($1,068.98) - Machinery and Tools - URI inched higher to complete a double top break at $1072. The 5 for 5'er ranks in the top quartile of the machinery and tools sector matrix. Long exposure can be made here. Initial strong support is at $1008, with additional strong support at $976. |
