Comments include: AMZN, CNR, FTNT, GOOGL, H, MRVL, NOW, RCL, RL, & SUN.
| AMZN Amazon.com Inc. ($245.28) - Retailing - AMZN broke a double top at $244 to return to a sell signal. The break also brings AMZN down to test the bullish support line, which would be violated with a move below $236. The stock continues to maintain a 3 technical attribtue rating with positive long- and short-term peer RS. Beyond the bullish support line, additional support can be found at $228, the June and July chart lows. |
| CNR Core Natural Resources Inc. ($86.56) - Oil - CNR fell to a sell signal and a negative trend Thursday when it broke a double bottom at $87, where it now sits against support. The negative trend change will drop CNR to an unfavorable 2 for 5'er. |
| FTNT Fortinet Inc. ($139.10) - Software - Shares of FTNT fell sharply on Thursday, falling more than 20% to break a spread triple bottom at $166. Today's move saw the name lose near-term relative strength, bringing it down into hold territory as a 3 for 5'er. Additionally, the stock is right above the bullish support line at $126, so any movement lower would bring it down into a negative trend. That said, the stock is in heavily oversold territory, so those with positions should hold on for now. |
| GOOGL Alphabet Inc. Class A ($282.96) - Internet - GOOGL fell short following their earnings report... dropping nearly 13% for the day. This will bring the name back into a negative trend, now earning at best a 2 attribute score as we close out October. With that in mind, exposure should be limited as you are able. Many of you will have longstanding positions with a cost basis lower than current levels, making a pure "sell" call difficult to stomach here. Keep in mind, we should avoid making decisions based purely off the name of the stock... this breakdown is ugly and a similar breakdown for anyone other than the search engine giant would be cut heavily at best on bounces, or removed entirely at worst. |
| H Hyatt Hotels Corp. ($184.44) - Leisure - H broke a double top at $182 to complete a bullish catapult as shares rallied to $184, matching the August rally high. The stock improved to a 4 for 5'er after shifting back into a positive trend on the trend chart. H is actionable here on the breakout or on a pullback to the $170 range. Beyond current resistance, additional can be found in the lower $190s and at prior highs at $204. Initial support lies at $168, while the bullish support line sits at $160. |
| MRVL Marvell Technology Inc. ($215.99) - Semiconductors - Shares of MRVL broke a double bottom at $220 to move back to sell signal, falling more than 13%. That said, the stock will likely remain a 4 for 5'er for the time being, with it still trading a positive trend. That said, those with positions should continue to watch for signs of further weakness. From here, MRVL is right by support at the $216 level, with additional support at $204. |
| NOW Servicenow Inc ($109.27) - Software - Shares of NOW plummeted more than 25% on Thursday, breaking a double bottom at $140 for a sell signal. Today's move also saw it move back into a negative trend, in addition to losing some relative strength, placing it back in sell territory as a low attribute name. That said, the extreme movement today had put it into oversold territory, so investors should wait for reversal or consolidation before looking to sell. Initial support lies at $108 then $92. |
| RCL Royal Caribbean Cruises Ltd. ($311.85) - Leisure - RCL broke a double top at $312 for a third buy signal and to penetrate the bearish resistance line. The positive trend change will increase the stock up to a 3 for 5'er, which shows positive near-term market and peer RS. Note resistance at $332, the prior rally highs from June and August this year. Initial support lies at $296, while additional can be found at $276. |
| RL Ralph Lauren ($398.41) - Textiles/Apparel - RL broke a double top at $396 for a second buy signal since late-September as shares rallied up to $400, near prior chart highs. The stock is a 4 for 5'er that ranks 4th (out of 25) within the Textiles/Apparel sector matrix. Okay to consider on a pullback to the upper $370 to low $390 range. Note the stock's chart high at $416 from June this year. Initial support lies at $372, while the bullish support line resides at $340. |
| SUN Sunoco L.P. ($70.83) - Oil Service - SUN fell to a sell signal and a negative trend Thursday when it broke a double bottom at $71. The negative trend change will drop SUN to an unfavorable 2 for 5'er. From here, the next level of support sits at $70. |
