$20+|20%+ Wk Wednesday 8/21/2024

Overall Sector and Industry Analysis:

DateTime Range Analyzed:

The analysis is based on stock data from 2024-08-21 including the time range 13:30 PM to 18:30 PM EST.

Commentary on Overall Sector and Industry Performance:

The stocks analyzed span various sectors and industries, and it’s essential to look at the broader trends across these categories:

• Technology Sector: Stocks like ADBE, ASML, and AMDL showed stable price movements, with some showing slight upward momentum. High volume was noticed, indicating active trading interest.
• Healthcare/Biotech: Stocks such as LLY, PRCT, and RXRX displayed mixed results, some moving higher while others fluctuated within a range, showing consistent volume.
• Consumer Discretionary/Retail: Stocks, particularly ULTA and TGT, demonstrated minimal volatility with minor variances in their prices, suggesting stability in current market conditions.
• Industrial Goods and Services: Companies like DE and URI showed subtle movements; the volume here was relatively lower compared to other sectors, signifying less trading activity.
• Semiconductors and Equipment: Stocks like ASML, LITE, and KLAC showcased steady performances with slight upward or downward movements, which could be attributed to the broader tech sector trends.

Noticeable Trends or Patterns:

1. Stable Upward Momentum: Stocks like ADBE, ASML, and TSLA displayed consistent support at higher levels, indicating possible continued upward momentum.
2. High Volume Spikes: Increased trading in stocks such as PRCT and RXRX indicates potential breakout or breakdown areas.
3. Consolidation Patterns: Several stocks including ULTA, TGT, and LLY were in tight consolidation indicating potential explosive moves once they break from current levels.

Ticker Performance Prediction:

Likely to Go Up in the Next 2-3 Days:

• ADBE: Consistent higher support and increasing volume.
• ASML: Shows steady climb with strong volume support.
• PRCT: Positive momentum and high trading volume, suggesting accumulation.
• RXRX: Upward trends with significant volume spikes.
• LILU: Stable support levels indicating less downside risk.

Stocks Showing Strong Bullish Signals:

• ADBE: After reviewing the volumes and price data.
• PRCT: Significant bullish volume and closing high in price ranges.
• RXRX: Continual upward move with high sustained volumes.

Individual Stock Analysis:

ADBE (Adobe Inc.):

• Support Levels:
  • $563.27
  • $565.87
  • $566.44
• Resistance Levels:
  • $565.70
  • $565.79
  • $565.83
• Price Action Prediction:
  Based on the 30-minute chart, expect ADBE to continue its consolidation between $563.69 and $565.87 with possibilities of breaking above $565.87 leading to $566.44.

• Price Targets (1-3 Day Swing):

  • Near-term: $566
  • Mid-term: $570
  • Long-term: $575
• Entry Points:
  Near $563.27 for low-risk entries.

• Stop-Loss Levels:
  Close below $562.84

• Chart Visualization:
  

ASML:

• Support Levels:

  • $940.08
  • $936.90
  • $940.57
• Resistance Levels:
  • $943.61
  • $945.05
  • $947.23
• Price Action Prediction:
  ASML is set to challenge upper resistances. Look for breaks above $943.61 for a continued rise.

• Price Targets (1-3 Day Swing):

  • Near-term: $945
  • Mid-term: $950
  • Long-term: $955
• Entry Points:
  Around $940.08.

• Stop-Loss Levels:
  Close below $939.50.

• Chart Visualization:
  

PRCT:

• Support Levels:

  • $83.32
  • $83.50
  • $83.93
• Resistance Levels:
  • $84.50
  • $85.00
  • $85.50
• Price Action Prediction:
  Momentum suggests possible pushes to test $85 in the immediate terms.

• Price Targets (1-3 Day Swing):

  • Near-term: $84.50
  • Mid-term: $85.50
  • Long-term: $87
• Entry Points:
  Around $83.50.

• Stop-Loss Levels:
  Close below $83.30.

• Chart Visualization:
  

RXRX:

• Support Levels:

  • $7.60
  • $7.62
  • $7.65
• Resistance Levels:
  • $7.65
  • $7.70
  • $7.80
• Price Action Prediction:
  Consistent uptick in price with strong support indicates further rises might test $8.

• Price Targets (1-3 Day Swing):

  • Near-term: $7.80
  • Mid-term: $8.00
  • Long-term: $8.20
• Entry Points:
  Around $7.60.

• Stop-Loss Levels:
  Close below $7.60.

• Chart Visualization:
  

LULU:

• Support Levels:

  • $265.63
  • $265.68
  • $265.80
• Resistance Levels:
  • $265.88
  • $265.90
  • $266.00
• Price Action Prediction:
  Consolidation indicates a steady move likely testing $266 before breaking out.

• Price Targets (1-3 Day Swing):

  • Near-term: $266.00
  • Mid-term: $267.00
  • Long-term: $268.50
• Entry Points:
  Around $265.68

• Stop-Loss Levels:
  Close below $265.50.

• Chart Visualization:
  

By paying close attention to these support and resistance levels, swing traders can identify optimal entry and exit points, enhancing the likelihood of profitable trades in the upcoming 1-5 days.