Overall Sector and Industry Analysis
Date Range Analyzed: August 24, 2024 – September 23, 2024 (EST)
During the past 30 days, there has been notable movement in various sectors:
1. Technology & Growth: Heavily represented by Netflix (NFLX) and Impinj (PI), has shown strong volume activity. Particularly, Netflix seems to be in a consolidation phase but showing potential upward breakouts.
2. Consumer Discretionary: OLLI, considered a strong contender here, faced mixed price action but with controlled volume.
3. Retail: Represented by Costco (COST), shows a lot of buying interest and has held well around key support levels.
4. Industrial Goods: Companies like Deere & Company (DE) have shown solid but unspectacular volume.
5. Healthcare: SHW and CSL, primarily in specialized construction and coatings for medical, have been more stable but with noteworthy spikes in volume.
6. Materials & Mining: Kinross Gold (KGC), often viewed as a bunker during market volatility, has seen some turbulent but overall increasing volume.
Ticker Performance Prediction
Likely to Go Up in Next 2-3 Days:
1. Netflix (NFLX): Strong bullish trends observed.
2. Costco (COST): Showing consistent support and buying interest.
3. Deere & Company (DE): Volume spikes at key levels indicate potential upward momentum.
4. Sherwin-Williams (SHW): Breaking through minor resistance levels.
Individual Stock Analysis
Netflix (NFLX)
- Support Levels: 703, 704, 705
- Resistance Levels: 707, 708, 710
- Price Action Prediction: Breakout above 710 could see a move toward 715-717. Any fall below 703 might retest 700.
- Entry Points: Near 703-704
- Stop-Loss Levels: Below 700.
Costco (COST)
- Support Levels: 914, 916, 917
- Resistance Levels: 918, 919, 920
- Price Action Prediction: A sustained move above 919 could push towards 923. Below 914 could see further drawdowns.
- Entry Points: Near 916-917
- Stop-Loss Levels: Below 914.
Deere & Company (DE)
- Support Levels: 405, 406, 407
- Resistance Levels: 408, 409, 410
- Price Action Prediction: Strong volume interest above 409 might retest 415. Volume slip below 405 could test 402.
- Entry Points: Near 407-408
- Stop-Loss Levels: Below 405.
Sherwin-Williams (SHW)
- Support Levels: 379, 380, 382
- Resistance Levels: 381, 383, 384
- Price Action Prediction: Upside potential with strong buying volume above 383; targets around 386-387. New lows below 379 could revisit 376.
- Entry Points: Near 380-381
- Stop-Loss Levels: Below 379.
SUMMARY
While the market shows mixed signals, focusing on these stocks with detailed analysis helps build a robust short-term trading strategy given recent price and volume data. Careful attention to key support and resistance levels, entry points, and setting appropriate stop-losses will be critical for successful trading.