Comments include: ARCH, BA, DKS, SHAK, & WFRD.
| ARCH Arch Resources Inc ($144.16) - Oil - ARCH completed a fourth consecutive buy signal and returned to a positive trend on Thursday when it broke a double top at $144. The positive trend change will promote ARCH to a still unfavorable 1 for 5'er. From here, the next level of overhead resistance sits at $148. Meanwhile, support can be found at $136. |
| BA The Boeing Company ($146.62) - Aerospace Airline - Another week, another deconstructive comment on BA. The stock continues to move lower, falling to new 2024 lows in the process. It remains a technically weak name and should be avoided until serious technical improvement is seen. Bottom fishers beware, the stock has yet to put in a definitive bottom. Best to avoid catching a falling knife if possible rather than trying to play near term bounces. |
| DKS Dick's Sporting Goods, Inc. ($201.50) - Retailing - DKS broke a triple bottom at $200 to return to a sell signal. The 5 for 5'er has alternated signals since August and has been unable to rally back to highs from then during October's trading, as the stock has placed a lower top here with the breakdown. DKS remains a 5 for 5'er, but the stock is now within one box of reversing into Os on both the peer and market RS charts. Additionally, DKS has fallen into the bottom half of the Retailing sector matrix. From here, those who hold DKS should monitor support at $194, while multiple additional support can be found in the $180s. |
| SHAK Shake Shack Inc ($109.34) - Restaurants - SHAK broke a spread quadruple top at $112 as the stock clear resistance dating back to March of this year and rallied to its highest level since early 2021. The stock is a 5 for 5'er that ranks in the top half of the Restaurants sector matrix and it trades just above the middle of the 10-week trading band. Okay to consider here on the breakout or on a pullback to $106 on the chart. Initial support lies at $102, while additional can be found in the mid to low $90s. |
| WFRD Weatherford International Plc ($94.34) - Oil Service - WFRD returned to a buy signal on Thursday when it broke a double top at $93. The technical outlook for the stock remains decidedly negative, however, as WFRD is a 1 for 5'er that ranks 56th out of 64 names in the oil service sector matrix. From here, overhead resistance sits at $98, while support can now be found at $89. |
