$20+|20%+ Wk Wednesday 6/05/2024

Overall Sector and Industry Analysis:

Date and Time Range Analyzed: May 6, 2024 – June 5, 2024 (EST)

For the past month, the overall market has shown a considerable movement across various sectors. Here is a sector-wise breakdown based on the tickers provided:

1. Technology Sector:
   • Stocks: NVDA, AVGO, META, MSFT, ASML
   • Observations: The technology sector has shown strong bullish momentum driven by robust earnings reports and continued investor demand for growth stocks. High volume and price increases specifically noted in NVDA and AVGO, indicating institutional buying and strong upward trends.
2. Healthcare Sector:
   • Stocks: BIIB, LLY, VIR, GILD
   • Observations: The sector had mixed performance; while some stocks like BIIB and LLY have shown steady increases in both price and volume, other stocks have faced selling pressure. The increased volume in BIIB and LLY indicates strong interest, probably due to positive drug trial results or favorable healthcare policies.
3. Consumer Discretionary:
   • Stocks: CMG, DECK, RH, AZO
   • Observations: The consumer discretionary sector has saw varied performance with CMG and RH showing positive trends supported by solid earnings and strong consumer demand.
4. Finance Sector:
   • Stocks: BLK, BKNG, MCO
   • Observations: The financial sector saw a moderate uptick in some stocks like BLK due to favorable macroeconomic factors and steady interest rate expectations.
5. Energy Sector:
   • Stocks: CVX, XOM, HNRG
   • Observations: Energy stocks such as CVX and XOM displayed stabilizing movements indicating adjustments to oil prices and geopolitical factors affecting energy supply chains.

Ticker Performance Prediction:

Likely to Increase in the Next 2-3 Days:

1. NVDA
2. AVGO
3. BIIB
4. RH
5. LRCX

Stocks Showing Strong Bullish Signals:

• NVDA: Strong bullish momentum observed with increasing volume.
• BIIB: Demonstrated increased buying interest and upward price movement.
• RH: High volume indicates potential breakout.

Individual Stock Analysis:

NVDA:

Support Levels:
1. 1224
2. 1210
3. 1200

Resistance Levels:
1. 1235
2. 1240
3. 1250

Price Action Predictions (Next 2-3 Days):
– Targets: 1250, 1260
– Entry Points: Near 1224, 1210
– Stop Loss: 1195

AVGO:

Support Levels:
1. 1410
2. 1400
3. 1395

Resistance Levels:
1. 1415
2. 1420
3. 1430

Price Action Predictions (Next 2-3 Days):
– Targets: 1425, 1435
– Entry Points: Near 1410, 1400
– Stop Loss: 1385

BIIB:

Support Levels:
1. 236
2. 235
3. 232

Resistance Levels:
1. 238
2. 240
3. 243

Price Action Predictions (Next 2-3 Days):
– Targets: 240, 243
– Entry Points: Near 236, 235
– Stop Loss: 231

RH:

Support Levels:
1. 278
2. 275
3. 270

Resistance Levels:
1. 282
2. 284
3. 287

Price Action Predictions (Next 2-3 Days):
– Targets: 284, 287
– Entry Points: Near 278, 275
– Stop Loss: 269

LRCX:

Support Levels:
1. 635
2. 630
3. 620

Resistance Levels:
1. 640
2. 645
3. 650

Price Action Predictions (Next 2-3 Days):
– Targets: 645, 650
– Entry Points: Near 635, 630
– Stop Loss: 619

By identifying these support and resistance levels, setting entry points near support, and placing stop-loss orders just below the support levels, traders can better manage risk while taking advantage of the forecasted uptrends. Stay vigilant for news that may influence these stocks and always adjust your orders as necessary.