Continuation Breakout Monday 1PM 6/24/2024

Overall Sector and Industry Analysis

Datetime Analyzed: May 25, 2024 – June 24, 2024 (in Eastern Standard Time (EST))

Commentary:

Technology:
– Stocks like CYBR, QRVO, and AAPL have shown resilient performance. Notably, AAPL exhibited strong upward momentum with increased volume, suggesting institutional buying.
– QRVO showed stability and slight upward movement, with varying volumes.
– CYBR demonstrated an upward trend, specifically significant volume spikes on up days which amplifies the bullish outlook.

Healthcare:
– Stocks such as MCK, ELF, and DE showed varied performances. MCK presented a steady trend with relatively balanced volume.
– ELF showed recent bearish activity, with significant pullbacks indicating potential short-term dips.

Consumer Discretionary:
– ULTA represented robust movement, maintaining a long-term upward trend with healthy volume. It remains bullish but with caution due to recent minor pullbacks.
– NVR and DKS displayed consistent patterns with moderate volume, suggesting steady investor confidence.

Utilities and Industrials:
– ROP, TTEK, and LH showcased steady performance. ROP in particular maintained higher relative volumes.
– URI illustrated momentum shifts within a tightening range, indicative of potential outbreaks.

Ticker Performance Prediction

Based on the recent 10-day price and volume analysis, the following tickers are likely to go up in the next 2-3 days:

1. AAPL
2. CYBR
3. QRVO
4. ULTA
5. CCI

Individual Stock Analysis

1. Apple Inc. (AAPL)

• Support Levels: 209.00, 208.00, 207.00
• Resistance Levels: 212.70, 213.50, 215.00

Price Action Prediction:
– Next 2-3 days: Likely to test and break 212.70 resistance due to strong buying momentum.
– Price Targets: PT1 – 212.70, PT2 – 213.50, PT3 – 215.00
– Entry Point: Around 209.00 – 209.50, as the stock may witness minor pullbacks before rallying.
– Stop-Loss: Tight stop around 208.00 to minimize risk.

2. CyberArk Software Ltd. (CYBR)

• Support Levels: 260.00, 258.50, 256.00
• Resistance Levels: 262.55, 263.50, 265.00

Price Action Prediction:
– Next 2-3 days: Expected to break resistance at 262.55 due to consolidated volume gains.
– Price Targets: PT1 – 262.55, PT2 – 263.50, PT3 – 265.00
– Entry Point: Around 260.00 – 260.50, leveraging minor dips in price.
– Stop-Loss: 258.50 to ensure risk is contained.

3. Qorvo, Inc. (QRVO)

• Support Levels: 114.85, 114.16, 113.00
• Resistance Levels: 115.50, 116.00, 117.00

Price Action Prediction:
– Next 2-3 days: Upward movement towards breaking 115.50 resistance given steady volume gains.
– Price Targets: PT1 – 115.50, PT2 – 116.00, PT3 – 117.00
– Entry Point: Around 114.85 – 115.00, ensuring minimal downside exposure.
– Stop-Loss: Approximately 113.00 to avoid significant losses.

4. Ulta Beauty, Inc. (ULTA)

• Support Levels: 390.85, 389.42, 388.00
• Resistance Levels: 394.82, 396.00, 400.00

Price Action Prediction:
– Next 2-3 days: Likely continuation of the positive trend towards 394.82 resistance; possible breakout.
– Price Targets: PT1 – 394.82, PT2 – 396.00, PT3 – 400.00
– Entry Point: Around 390.85 – 390.90, aiming to capture upside movements.
– Stop-Loss: Around 388.00 to limit downside risk.

5. Crown Castle Inc. (CCI)

• Support Levels: 207.60, 206.80, 205.00
• Resistance Levels: 210.00, 211.00, 212.50

Price Action Prediction:
– Next 2-3 days: Expected to test 210.00 and potentially rally higher as recent buying volumes support bullish sentiment.
– Price Targets: PT1 – 210.00, PT2 – 211.00, PT3 – 212.50
– Entry Point: Around 207.60 – 208.00, providing a balanced risk-reward setup.
– Stop-Loss: Close to 206.80 to cut losses early.