ANAB, BILL, CDNS, AMD, CVNA, MELI, NVDA, PYPL, ROKU, & VEEV
| AMD Advanced Micro Devices, Inc. ($57.54) - Semiconductors - AMD broke a triple top at $57 before moving through multiple levels of resistance to $59. This stock is a 3 for 5’er within the favored semiconductors sector that has maintained a market RS buy signal since May 2018. Demand is in control. From here, a move to $60 would mark a new all-time high while initial support sits at $50. |
| ANAB Anaptysbio ($19.77) - Biomedics/Genetics - Anaptysbio completed a bullish catapult at $22 during today's action to mark a fifth consecutive buy signal. ANAB is a 3 for 5'er that moved to a market RS buy signal in March of 2020 and ranks in the top half of the favored biomedics/genetics sector RS matrix. Additionally, monthly momentum has recently flipped positive, suggesting the potential for further gains. The technical picture is improving and demand is in control here. Okay to add on the breakout, noting that support is offered at $18.50 and $18. ANAB returns to a positive trend at $39. |
| BILL Bill.com Holdings, Inc. ($73.84) - Business Products - Bill.com shares completed a shakeout pattern at $74 today to return to a buy signal. This 3 for 5'er returned to a positive trend and market RS buy signal in April and ranks in the top half of the favored business products sector RS matrix. Demand is in control and long exposure may be added here on an individual basis or via the DWA Business Products Sector Portfolio, of which BILL is a holding. Note that support is offered at $67 and $62 for this high rRisk name. |
| CDNS Cadence Design Systems, Inc. ($92.67) - Software - Cadence Design Systems broke a double top at $94 during today's action, marking a fourth consecutive buy signal and a new all-time high. This strong 5 for 5'er returned to a positive trend in April but has maintained a market RS buy signal since February of 2009. Additionally, CDNS ranks in the top half of the favored software sector RS matrix. The weight of the evidence is positive and demand is in control. However, CDNS is heavily overbought at current levels. Those considering long exposure may be well served to wait for a pullback to initial support at $90 before adding here. |
| CVNA Carvana Company ($121.46) - Autos and Parts - CVNA broke a double top at $120 before printing a new all-time high at $122. This breakout marks the third consecutive buy signal on the chart, confirming that demand is in control. CVNA ranks in the top quartile of the favored autos and parts sector and is a solid 5 for 5’er. Initial support sits at $112. |
| MELI Mercadolibre, Inc. ($884.26) - Internet - MELI, a perfect 5 for 5’er broke a double top at $880 on Wednesday and is now trading at new all-time highs. This breakout marks the fourth consecutive buy signal, confirming that demand has the upper hand. In addition to being a high attribute name, MELI ranks in the top quartile of the favored internet sector RS matrix and has experienced two months of positive monthly momentum. From here, initial support sits at $784. Note MELI is nearing the top of the 10-week trading band, indicating that it is overbought. |
| NVDA NVIDIA Corporation ($374.35) - Semiconductors - NVDA broke a double top at $368 before rallying to $380 on Wednesday, marking a new all-time high on the chart in addition to the sixth consecutive buy signal. This stock is a perfect 5 for 5’er within the favored semiconductors sector that has maintained a market RS buy signal since May 2016. Demand is in control however NVDA is nearly 100% overbought here so new positions would best be initiated on a pullback or normalization of the 10-week trading band. Support sits at $320. |
| PYPL Paypal Holdings Inc ($159.26) - Business Products - PYPL printed a new all-time high at $160 when it gave a sixth consecutive buy signal. This stock is a solid 4 for 5’er that moved back into a positive trend in early April. In addition, monthly momentum has been positive for three months. PYPL currently ranks in the top quartile of the favored business products sector RS matrix. From here, support sits at $150. Today’s move puts PYPL above the top of its 10-week trading band so those looking to initiate new positions may wish to scale in or enter on a pullback. |
| ROKU Roku, Inc. Class A ($112.91) - Media - ROKU returned to a buy signal with a double top break at $116. This stock is a 3 for 5’er that is showing signs of absolute improvement. From current levels, support is offered at $102. Note ROKU faces overhead resistance at $120 and $134. |
| VEEV Veeva Systems Inc. ($224.90) - Computers - VEEV broke a double top at $224, which successfully completes a bullish catapult pattern and marks a new all-time high. This stock is a solid 5 for 5’er that has maintained a market RS buy signal since May 2016. In addition, monthly momentum has been positive for three months. From here, initial support sits at $200. |
