Comments include: ABBV, CART, EXPE, GOOGL, LYV, & TSLA.
| ABBV AbbVie Inc. ($198.45) - Drugs - ABBV inched higher to break a spread triple top at $200, marking its third consecutive buy signal. The 5 for 5'er ranks in the top third of the drugs sector matrix. Additionally, the stock carries a yield of over 3%. Long exposure can be considered here. Initial support is at $190, with additional strong support at $186. |
| CART Maplebear Inc. ($51.77) - Retailing - Shares of CART broke a double top at $51 to complete a bullish catapult while setting new all-time highs, extending its streak of consecutive buy signals to four. Today’s move also saw the stock reverse into a column of Xs on its market RS chart, bringing it up to a 4 for 5’er. However, the stock is trading near the top of its 10-week trading band, so it might be best to wait for some pullback or consolidation before buying. Support lies below at $47 then $43 while the bullish support line is at $44. |
| EXPE Expedia Group Inc. ($194.64) - Leisure - EXPE broke a double top at $194 to return to a buy signal as shares rallied to $212, a new all-time chart high. The stock is a 4 for 5'er that ranks within the top half of the Leisure sector matrix. The stock pulled back to the $190 range by close on 8/8, placing shares just on the edge of overbought territory. EXPE is action within the $180 to $190 range. Initial support lies at $176, while the bullish support line resides at $170. |
| GOOGL Alphabet Inc. Class A ($201.28) - Internet - Nice break for GOOGL today. The stock is now a 4/5'er (its highest ranking since February) but is reaching up to the top of the range mentioned at the last comment. Those looking to add to positions are fine to do so here from a pure technical perspective, but do keep in mind the low $200's were a place the name ran out of steam to start the year. With that in mind, defensive players might want sit on the sidelines for now... while more offensive players can add despite things getting a tad frothy around current levels. |
| LYV Live Nation Entertainment Inc. ($152.65) - Leisure - LYV broke a double top at $156 for a fifth consecutive buy signal and to match the all-time chart high. The stock is a 4 for 5'er that ranks within the top half of the Leisure sector matrix. Okay to consider here on the breakout or on a pullback to $150 on the chart. Initial support lies at $144, while additional can be found in the upper $130s. |
| TSLA Tesla Inc. ($330.00) - Autos and Parts - TSLA broke a double top at $332 to return to a buy signal and flip the trend back to positive. The stock will increase to a 3 for 5'er trading in a positive trend, but note resistance lies at $336 as well as around the $360 range. Initial support lies at $300, the bullish support line, while additional can be found at $292. |
