Continuation Breakout Friday 2PM 9/27/2024

Overall Sector and Industry Analysis (2024-08-28 to 2024-09-27, EST)

During the period analyzed, the market exhibited varied levels of performance across different sectors and industries. Healthcare, Technology, and Consumer Discretionary sectors showed resilient price movements, while certain Energy and Industrial sectors faced downward pressure.

Notable trends include:
– Healthcare (BGNE, MCK): Demonstrated steady upward momentum driven by strong volume increases, indicating bullish sentiment.
– Consumer Discretionary (ANF, LULU): Favorable earnings reports and optimistic future outlook fueled price increases.
– Financial and Real Estate (IBP, TOL): Showed consolidation with occasional bullish breakouts reflecting investor confidence in economic recovery.
– Technology (IPW, REAL): Experienced fluctuating volumes with upward price trends, suggesting optimistic medium-term technological growth prospects.

However, stocks in the Energy sector (e.g., SMR) and some specific instances within Industrials (e.g., LEU) showed a mixed performance with pockets of volatility, suggesting cautious investor sentiment towards these industries.

Ticker Performance Prediction

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

• BGNE (Beigene Ltd): Strong support at $221.00 and bullish technicals.
• ANF (Abercrombie & Fitch Co): Positive momentum with strong support around $143.00.
• MCK (McKesson Corp): Consistent upward trend, solid support around $486.00.

Strong Bullish Signals:

• BGNE: Consistent closing above key support with rising volume.
• ANF: Breaking key resistance levels, indicating strength.
• MCK: Steady volume increases with higher highs.

Individual Stock Analysis

BGNE (Beigene Ltd)

• Support Levels:
  1. $221.00
  2. $220.00
  3. $218.50
• Resistance Levels:
  1. $223.00
  2. $224.00
  3. $225.50
• Price Action Predictions (Next 2-3 Days):
  • Entry Point: Around $221.00, near support level.
  • Targets: $223.00, $224.00, $225.50 (based on ATR and resistance analysis).
  • Stop-Loss: Below $220.00 to mitigate risk.
  • 

ANF (Abercrombie & Fitch Co)

• Support Levels:
  1. $143.00
  2. $142.50
  3. $142.00
• Resistance Levels:
  1. $144.50
  2. $145.00
  3. $146.50
• Price Action Predictions (Next 2-3 Days):
  • Entry Point: Near $143.00 support.
  • Targets: $144.50, $145.00, $146.50.
  • Stop-Loss: Below $142.50.
  • 

MCK (McKesson Corp)

• Support Levels:
  1. $486.00
  2. $485.00
  3. $484.00
• Resistance Levels:
  1. $488.50
  2. $489.50
  3. $490.50
• Price Action Predictions (Next 2-3 Days):
  • Entry Point: Around $486.00 support.
  • Targets: $488.50, $489.50, $490.50.
  • Stop-Loss: Below $485.00.
  • 

Conclusion

The analysis of the past 30 days and emphasis on the last 10 days suggests that stocks like BGNE, ANF, and MCK demonstrate solid upward momentum, supported by strong volume trends and favorable technical patterns. These insights cater to short-term momentum swing trading strategies, optimizing potential entries and exits while managing associated risks efficiently.