Comments include: ALB, CDNS, DELL, DTM, PSX, RVTY, & WHD.
| ALB Albemarle Corp ($99.08) - Chemicals - After giving five consecutive sell signals, ALB returned to a buy signal Tuesday when completed a bearish signal reversal at $99, where it now sits against resistance. The outlook for the stock remains decidedly negative despite Tuesday's move as ALB is a 0 for 5'er and ranks near the bottom of the chemicals sector matrix. From here, support can be found at $91. |
| CDNS Cadence Design Systems, Inc. ($343.40) - Software - Shares of CDNS moved higher on Tuesday, breaking a double top at $332 to move back to a buy signal. While the 4 for 5'er lacks long-term market relative strength, it still trades in a positive trend and continues to be more of a buy than a sell. Initial support lies at $308, with the bullish support line also at $300. |
| DELL Dell Technologies Inc Class C ($501.88) - Computers - After reversing lower the past couple weeks, DELL broke a double top at $504 to move back to a buy signal. The 4 for 5'er lost near-term market strength earlier this month, but the weight of the evidence is still mostly positive for the stock. From here, initial support lies at $448 and $440. |
| DTM DT Midstream, Inc. ($128.10) - Oil Service - After giving five consecutive sell signals, DTM returned to a buy signal Tuesday with a triple top break at $128. Tuesday's move adds to a modestly positive technical picture as DTM is a 3 for 5'er. From here, the next level of overhead resistance sits at $134. Meanwhile, support can be found at $120 and $116. |
| PSX Phillips 66 ($269.32) - Oil Service - PSX gave an initial sell signal Tuesday when it broke a double bottom at $276. The outlook for the stock remains positive, however, as PSX is a 5 for 5'er and ranks in the top decile of the oil service sector matrix. From here, the next level of support sits at $252. |
| RVTY Revvity Inc. ($161.63) - Healthcare - RVTY inched higher to complete a double top break at $162, marking its second consecutive buy signal. The 5 for 5'er moved up from a 2 last month, after reversing back into a buy signal against the market, and reversing back into Xs and an RS buy signal against its peers. Additionally, the stock ranks in the top quintile of the healthcare sector matrix. The weekly OBOS is slightly elevated, but still within a normalized range. Long exposure can be made here, given the weight of the evidence. Initial support is at $154, with additional strong support between $148-$150. |
| WHD Cactus, Inc. Class A ($65.45) - Oil Service - After giving three consecutive sell signals WHD returned to a buy signal on Tuesday with a double top break at $65, where it now sits against prior resistance and its bearish resistance line. Tuesday's move adds to a modestly positive technical picture as WHD is a 3 for 5'er. A move to $66 would move WHD into a positive trend and promote it to a 4 for 5'er. |
