Continuation Breakout Friday 2PM 7/26/2024

Overall Sector and Industry Analysis:

Date Range Analyzed: 2024-06-26 to 2024-07-26 (EST)

Sector and Industry Commentary:

Based on the provided stocks, there has been mixed performance across various sectors over the past 30 days, but let’s particularly focus on the last 10 days for momentum shift:

1. Healthcare: Stocks like UNH (UnitedHealth Group) and HUM (Humana) have shown moderate activity, but the recent trading suggests consolidation. Volume spikes in the last few sessions hint at potential accumulation zones.
2. Technology: Stocks such as INHD, INTU (Intuit), and ADP (Automatic Data Processing) have displayed some momentum with Intuit showing potential bullish breakout patterns supported by comparative volume increases.
3. Financials: Tickers like LII (Lennox International), KNSL (Kinsale Capital Group), and AXP (American Express) have been fluctuating, with some inclining towards bullish sentiment.
4. Consumer Staples: MUSA (Murphy USA) has moderate volume variations but remains in a condense range, showing indecisiveness.
5. Industrials: UNP (Union Pacific) and CMI (Cummins) have been seeing steady volumes with slight upward movement indicating cautious optimism.

Noticeable Trends:

• Technology Sector: Particularly seeing better performance, aided by AI advancements and better-than-average volume trends in key stocks like INTU.
• Healthcare: Stagnation but with potential breakpoints, especially in key players like UNH and HUM once certain resistance levels are breached.
• Financials: Showing consolidatory trends but potential for breakout in specific stocks based on increased volume patterns over the recent period.

Ticker Performance Prediction:

Likely Bullish Stocks:

• Intuit (INTU): Strong volume buildup and holding near upper resistance.
• UnitedHealth Group (UNH): Consolidating near top levels with increased volume.
• Kinsale Capital Group (KNSL): Near critical resistance with significant upward potential.

Individual Stock Analysis:

Intuit (INTU)

1. Support Levels:
– S1: 635.00
– S2: 628.30
– S3: 620.00

1. Resistance Levels:
   • R1: 643.50
   • R2: 650.00
   • R3: 655.00

Price Action Prediction: Predicted strong bullish momentum if it sustains above 643.50 in the next 2-3 days.
– Targets: Near-term swing to 650.00 with potential extension to 655.00 based on ATR movements.
– Entry Points: Ideal entry around 635.00 support zone.
– Stop-Loss: Recommended near 628.00 to limit downside risk.

UnitedHealth Group (UNH)

1. Support Levels:
– S1: 572.00
– S2: 565.00
– S3: 560.00

1. Resistance Levels:
   • R1: 577.00
   • R2: 580.00
   • R3: 585.00

Price Action Prediction: Significant upward momentum if it stays above 577.00 resistance.
– Targets: Initial target of 580.00 with an extension to 585.00.
– Entry Points: Ideal entry close to 572.00 zone.
– Stop-Loss: Should be placed near 565.00 to manage risk.

Kinsale Capital Group (KNSL)

1. Support Levels:
– S1: 426.00
– S2: 422.30
– S3: 419.00

1. Resistance Levels:
   • R1: 431.00
   • R2: 434.00
   • R3: 440.00

Price Action Prediction: Expecting upward move towards 431.00 in the coming days.
– Targets: Swing target of 431.00, possible extension to 434.00 if momentum continues.
– Entry Points: Entry around 426.00.
– Stop-Loss: Place near 422.30 for risk management.

Overall, these stocks exhibit promising short-term upside potential based on recent volume and price patterns.