Comments include: CTVA, GOOGL, KLAC, MO, NFLX, & PANW.
| CTVA Corteva Inc ($87.30) - Chemicals - CTVA returned to a buy signal Friday when it broke a triple top at $88, marking a new all-time high for the stock. Friday's move adds to a modestly positive technical picture as CTVA is a 3 for 5'er. From here, the first level of support sits at $83. |
| GOOGL Alphabet Inc. Class A ($345.38) - Internet - GOOGL returned to a sell signal with today's action, highlighting some support around the middle of the trading band at $372. Google still generally leads the magnificent seven as we move through July, but it is certainly is evident that the large mega cap names are shedding some strength. From here, a trip to support at $332 wouldn't be out of the question. |
| KLAC KLA Corp ($213.63) - Semiconductors - Shares of KLAC broke a double bottom at $216 for its third consecutive sell signal. The 4 for 5'er has pulled back sharply from its June highs, but remains in a positive trend for now despite losing near-term market relative strength at the beginning of the month. Investors should continue to hold but should monitor for further deterioration, such as movement below its bullish support line at $186. Initial support lies at $194 then $190. |
| MO Altria Group Inc. ($74.03) - Food Beverages/Soap - MO inched higher to complete a double top break at $75, marking its fourth consecutive buy signal and a new all-time high. The 4 for 5'er ranks in the top quintile of the food beverage/soap sector matrix. Long exposure can be made here, given the normalization of the 10-week trading band. Initial strong support can be seen between $69-$70, with additional support between $63-$64. Note that earnings are expected on 7/30. |
| NFLX NetFlix Inc. ($68.63) - Media - NFLX dropped upwards of 8% on the day post earnings... but those of you following the TA scoring system wouldn't have held focused exposure to the name as it remains a technically weak 0/5'er. Down 25% so far this year, the only real hope here is that the media giant is heavily oversold as of 7/17. All that to say, bounces could be expected back to resistance in the $70's, but that shouldn't really be a main reason to pick up exposure for now. |
| PANW Palo Alto Networks Inc ($356.57) - Software - Shares of PANW broke a double top at $364 for its tenth consecutive buy signal. The 5 for 5'er has been on an incredible run since moving back into a positive trend in March. The cybersecurity name remains a strong buy, but has entered significantly overbought territory near the top of its ten week trading band. Those with exposure should continue to own while those on the sidelines should wait for pullback or consolidation before looking to buy. Initial support lies at $348 with additional levels at $320 and $316. |
