Comments include: EXPE, NOW, NVDA, ORLY, & SHOP.
| EXPE Expedia Group Inc. ($316.56) - Leisure - EXPE broke a double top at $316 to complete a bullish catapult as shares rallied to $324, marking a new all-time chart high. The stock improved to a 5 for 5'er after seeing the peer RS chart return to Xs in the closing days of July. The breakout places EXPE in overbought territory, so those considering will look for consolidation in the lower $300 range along with a normalization of the 10-week trading band before adding. Initial support lies at $288, while the bullish support line sits at $260. |
| NOW Servicenow Inc ($117.22) - Software - Shares of NOW broke a triple top at $120 for its second consecutive buy signal. The stock has rebounded off of its lows earlier this year, moving into a positive trend and regaining near-term relative strength against both the market and its peers. The now 3 for 5'er still lacks long-term relative strength, making it more of a hold than anything, but investors should keep an eye on the stock for further improvement. From here, initial resistance lies at $124 then $138. |
| NVDA NVIDIA Corporation ($219.22) - Semiconductors - NVDA moved higher to break a spread quadruple top at $216, marking a fresh buy signal that also carried the stock back into a positive trend. This action promoted NVDA to a 3 for 5'er, up from a 2 for 5'er, moving it into hold territory. Relative strength remains mixed here, however, as the RS chart against the market is still in a column of Os and the stock is on a sell signal against its peers. The weight of the technical evidence is beginning to improve as the trend turns positive and near-term momentum builds, but that improvement is still early. Those with exposure can continue to hold, while those looking to add should wait for relative strength to confirm before committing. Initial support sits at $192. |
| ORLY O'Reilly Automotive, Inc. ($92.72) - Autos and Parts - ORLY broke a spread quadruple top at $94 for a third buy signal and to clear resistance in the lower $90s. The stock improved to a 3 for 5'er recently after seeing the trend flip back to positive. From here, note resistance in the lower $100 range. Initial support resdides at $87, the bullish support line, while additional can be found in the mid to low $80s. |
| SHOP Shopify Inc ($147.80) - Retailing - SHOP broke a double top at $134 for a second buy signal as shares rallied to $152 on the chart, marking the highest chart level since January. This break follows the stock shifting back into a positive trend and increasing to a 3 for 5'er in technical attribute rating, while also placing the stock within one box of a market RS buy signal. The breakout places SHOP in overbought territory, so those considering will look for consolidation in the $140 range along with a normalization of the 10-week trading band before adding. Initial support may be seen at prior resistance in the $130 range, while additional lies at $116, the bullish support line. |
