Continuation Breakout Monday 4PM 11/11/2024

Overall Sector and Industry Analysis:

Date Range Analyzed: 2024-10-12 to 2024-11-11 (30 days), focused on 2024-11-01 to 2024-11-11 (10 days), all times Eastern Standard Time (EST).

In the recent 30-day period, the overall market exhibited mixed signals across sectors with selective momentum observed predominantly in technology, healthcare, and financial sectors. There were signs of increased volatility in the latest 10-day window, where both price spikes and increased volumes in certain stocks suggested higher market activity likely led by earnings announcements or macroeconomic factors influencing sentiment.

Sector Highlights:

• Technology & Internet Services: Tickers like CRM, NOW, and CRM saw positive momentum with consistent buy volumes, indicating possible sustained rallies post-earnings or strategic announcements. Similarly, the internet services sector, represented by companies such as SPOT, showed consistent upward movement, albeit with some retracement indicating profit-taking.

• Healthcare: Tickers like GNRC and HAE showed resilience with upward price moves supported by healthy trading volumes. GNRC, in particular, indicates an ongoing strength possibly linked to sector-specific regulatory or innovation news, hinting at potential short-term opportunities.

• Financials: The financial sector saw mixed performances. Still, specific outliers like MS noted increased activities, representing possible rotational interest or dividend-related plays. Interest in financials may rise due to shifting interest rate environments impacting valuation perception.

• Consumer Discretionary: Stocks like MAR and RCL demonstrated recent bullishness driven by reopening themes or favorable seasonal trends impacting travel and leisure segments.

Ticker Performance Prediction:

Likely to Increase:

1. CRM: Strong historical uptrend with high closing strengths and surge in volume suggests further upside.
2. GNRC: Shows a break above consolidation with supportive volumes indicating sustained demand.
3. NOW: Consistent gains and volume reinforcement coupled with sector rotation may continue to attract inflows.

These stocks are positioned favorably with potential short-term gains driven by recent technical performance and likely sector inflow dynamics.

Individual Stock Analysis:

For stocks like CRM, GNRC, and NOW that are likely to trend upwards in the short term, certain key technical levels should be closely monitored.

1. Salesforce (CRM)

• Support Levels:
  • $340.00 (recent pivot-low on 30-minute chart).
  • $339.20 (recent consolidation zone).
  • $338.60 (strong daily support baseline).
• Resistance Levels:
  • $343.30 (higher high testing).
  • $344.70 (previous daily resistance).
  • $346.50 (extended upside target).
• Price Action Predictions:
  • CRM is poised to reach the $343 – $345 range based on recent momentum and volume patterns, likely testing $344.70 in the next 2-3 days.
• Entry Point: Around $340.00 with tight stops below $339.00.

• Stop-Loss Level: Below $338.00 maintaining tight risk management.

• Finviz Chart:

1. Generac Holdings (GNRC)

• Support Levels:

  • $193.24 (anchors recent support).
  • $192.84 (intraday support point).
  • $192.48 (critical support threshold).
• Resistance Levels:
  • $196.00 (psychological level).
  • $197.00 (extended buy zone target).
  • $199.00 (aggressive upward target).
• Price Action Predictions:
  • GNRC may approach the $196-$197 mark, highlighting a breakout-pullback setup opportunity for swing traders.
• Entry Point: Near $192.50 for those targeting longer setups.

• Stop-Loss Level: Tight below $191.50.

• Finviz Chart:

1. ServiceNow (NOW)

• Support Levels:

  • $1036.00 (recent pivot base).
  • $1035.17 (intraday momentum support).
  • $1034.44 (historical support alignment).
• Resistance Levels:
  • $1038.00 (next immediate resistance).
  • $1040.00 (extended high target).
  • $1042.50 (swing reach target).
• Price Action Predictions:
  • There’s an observed potential to breach $1038 up to $1040, tested by increased volumes on recent sessions.
• Entry Point: Around $1035.50 if dips observed during consolidation.

• Stop-Loss Level: Just below $1034.00 to minimize downside risk.

• Finviz Chart:

Approaching with strategic entry near support and considering early exit signals near resistance levels will be beneficial. As always, maintain stop-loss disciplines to protect against adverse events affecting these positions in a volatile market environment.