Continuation Breakout Friday 3PM 6/14/2024

Overall Sector and Industry Analysis

Date Range Analyzed: May 15, 2024 – June 14, 2024 (EST)

Commentary on Sector and Industry Performance:

Over the past 30 days, the price and volume activity across various sectors indicate mixed movements, reflecting investor sentiment and market dynamics.

1. Technology Sector:
   • Tickers: NVDA, AAPL, NOW, QQQ
     There has been significant interest in technology stocks, with NVDA and AAPL demonstrating strong volume and price gains. This suggests a bullish sentiment, likely driven by expectations of positive quarterly earnings and advancements in technology sectors.
2. Consumer Discretionary:
   • Tickers: BIRK, COST, AZO
     This sector is volatile but shows resilience with tickers like AZO maintaining stable prices with gradual increment, reflecting sustained consumer interest even amidst fluctuating market conditions.
3. Healthcare & Biotech:
   • Tickers: INSM, NEOG, OBIO
     These stocks have shown sporadic volume spikes and price jumps, likely due to news regarding drug approvals and biotech innovations. NEOG and INSM have shown noticeable upward trends with increased trading volumes.
4. Industrials:
   • Tickers: CTAS, MSI
     This sector also demonstrates steady performance with gradual upward trends. Stocks like CTAS and MSI are trading with consistent volume and slight positive price changes, indicating stable economic activities.

Ticker Performance Prediction

Based on the recent volume spikes and price movements over the last 10 days:

• Likely to Go Up in 2-3 days:
  • NVDA, INSM, ESS, VRAX
• Strong Bullish Signals:
  • **NVDA: Strong upward momentum with increasing volume.
  • **INSM: Consistent price increase with substantial volume.
  • **ESS: Steady gains with supportive volume.
  • VRAX: Positive price action with higher highs and higher lows.

Individual Stock Analysis

NVDA (NVIDIA Corporation)

• Support Levels:
  • $131.50
  • $130.93
  • $130.50
• Resistance Levels:
  • $132.20
  • $132.58
  • $133.00
• Price Action Prediction (30-minute Chart):
  NVDA has been experiencing robust price action with clear bullish signals. Expect a potential rally towards $132.50 with immediate resistance around $132.20.

• Price Targets (1-3 Day Swing):

  • Near-Term: $132.50
  • Mid-Term: $133.00 (ATR Movement Consideration)
• Entry Points:
  Near support around $131.50 or $130.93.

• Stop-Loss:
  Below $130.50 to limit downside risk.

• Finviz Chart:

INSM (Insmed Incorporated)

• Support Levels:
  • $63.00
  • $62.98
  • $62.50
• Resistance Levels:
  • $63.40
  • $63.62
  • $64.00
• Price Action Prediction (30-minute Chart):
  INSM has shown a bullish trend, with strong support around the $63 mark. Expect a continuation towards $63.60 with probable resistance around $63.40.

• Price Targets (1-3 Day Swing):

  • Near-Term: $63.60
  • Mid-Term: $64.00 (ATR Movement Consideration)
• Entry Points:
  Enter near $63.00 or $62.98.

• Stop-Loss:
  Below $62.50 to manage risk.

• Finviz Chart:

ESS (Essex Property Trust, Inc.)

• Support Levels:
  • $277.50
  • $277.00
  • $276.50
• Resistance Levels:
  • $279.10
  • $279.50
  • $280.00
• Price Action Prediction (30-minute Chart):
  ESS is showing a moderately bullish trend with gradual gains. Anticipate movement towards $279.50 in the short term, with initial resistance at $279.10.

• Price Targets (1-3 Day Swing):

  • Near-Term: $279.50
  • Mid-Term: $280.00 (ATR Movement Consideration)
• Entry Points:
  Around $277.50 or $277.00.

• Stop-Loss:
  Below $276.50 to control risk.

• Finviz Chart:

VRAX (Virax Biolabs Group Limited)

• Support Levels:
  • $1.85
  • $1.83
  • $1.80
• Resistance Levels:
  • $1.90
  • $1.91
  • $2.00
• Price Action Prediction (30-minute Chart):
  VRAX has shown bullish price action with volume spikes. Expect upward movement to test $1.91, with a potential rally towards $2.00 if current momentum sustains.

• Price Targets (1-3 Day Swing):

  • Near-Term: $1.91
  • Mid-Term: $2.00 (ATR Movement Consideration)
• Entry Points:
  Near $1.85 or $1.83.

• Stop-Loss:
  Below $1.80 to minimize potential losses.

• Finviz Chart:

These analyses underscore the observed market behavior and are intended for a short-term trading perspective, emphasizing vigilance and timely action based on identified support and resistance levels.