Comments include: ALAB, ALK, BNY, CNQ, DVN, GLP, LITE, LUV, & MEOH.
| ALAB Astera Labs, Inc. ($321.26) - Semiconductors - Shares of ALAB broke a double top at $340 for its second consecutive buy signal, marking a departure from its prior string of four sell signals. The 3 for 5'er is showing encouraging signs of rebound, but with it lacking peer relative strength, it only remains a hold for now. From here, initial resistance lies at $364 then $392. |
| ALK Alaska Air Group Inc ($44.07) - Aerospace Airline - ALK broke a double bottom at $45 to return to a sell signal and test the bullish support line. This follows the stock shifting the trend back to positive earlier this month, which increased the stock to a 3 TA rating at the time. The drop today brings both the market and peer RS charts into Os, which will drop the stock down to a 1 for 5'er. From here, a move below $44 would violate the trendline and shift the trend back to negative. Additional support lies at $42. |
| BNY Bank of New York Mellon Corporation ($164.44) - Banks - BNY pushed higher with action on 8/17, marking its 4th consecutive productive signal since April. Lots of support is readily available down below, sitting first at the middle of the trading band at $152. As the previous comment suggests- we are still nearby an actionable range although we are trading near heavily overbought territory with the signal. Regardless, the path of least resistance is still higher. |
| CNQ Canadian Natural Resources Ltd. ($49.27) - Oil - After successfully testing its bullish support line, CNQ returned to a buy signal Monday when it broke a double top at $49. Monday's move adds to an already positive technical picture as CNQ is a 4 for 5'er and ranks in the top quintile of the oil sector matrix. From here, support can be found at $39. |
| DVN Devon Energy Corporation ($47.57) - Oil - After giving two consecutive sell signals, DVN returned to a buy signal and a positive trend Monday when it broke a double top at $47, where it now sits against resistance. The positive trend change will promote DVN to an acceptable 3 for 5'er. From here, the first level of support sits at $43. |
| GLPI Gaming and Leisure Properties, Inc. ($42.25) - Real Estate - GLPI fell lower Monday to break a double bottom at $42, marking a fifth consecutive sell signal. This also matches a multi-year low for the fifth time since 2022. The stock has a 1 for 5 TA rating and sits in the bottom half of the real estate sector RS matrix The weight of the technical evidence is weak and deteriorating. Further support from this level can be seen at $41 and $40. Overhead resistance may be seen at $46. |
| LITE Lumentum Holdings Inc ($971.21) - Telephone - Shares of LITE have rallied sharply off of their lows in July, with it most recently breaking a double top at $976 for its second consecutive buy signal. This follows the 5 for 5'er regaining near-term relative strength earlier this month, which brought it back to a strong buy. While the name is highly volatile, LITE's technical picture is overwhelmingly favorable. Initial support lies at $880 then $792. |
| LUV Southwest Airlines Co. ($43.42) - Aerospace Airline - LUV broke a double bottom at $44 to return the stock to a sell signal. The break follows the market and peer RS charts reversing down into Os to cap off last week's trading. From here, a move below $43 would violate the bullish support line, which would drop the stock down to a 2 for 5'er. Additional support can be found at $41 and in the mid to upper $30s. |
| MEOH Methanex Corp ($57.29) - Chemicals - After giving three consecutive sell signals, MEOH returned to a buy signal and a positive trend Monday when it broke a double top at $57. The positive trend change will promote MEOH to a 5 for 5'er. From here, support can be found at $52, while overhead resistance sits at $59. |
