Overall Sector and Industry Analysis:
Datetime Range:
July 1, 2024 – July 29, 2024 (EST)
The overall market exhibited mixed performance across various sectors in the past 30 days. The information technology and healthcare sectors showed moderate gains, supported by solid earnings reports, whereas the consumer discretionary sector saw volatility due to fluctuating consumer sentiment. Notable trends and patterns emerged across sectors, with stocks in technology and healthcare displaying upward momentum due to positive news catalysts.
For instance, MCK’s solid volume on the upside reflects strong institutional buying. The healthcare sector overall has benefitted from newly approved drug therapies and promising clinical data. Similarly, TLSA and LICN indicated potential bullish momentum in the technology sector, supported by higher trading volumes.
On the other hand, the consumer discretionary sector, represented by DHI and CHTR, fluctuated due to changes in consumer spending patterns, though there were intermittent spikes indicative of potential short-term trading opportunities.
Ticker Performance Prediction:
Likely to go up in the next 2-3 days:
1. EBS – Demonstrating strong bullish volume and higher highs.
2. MCK – Consistent upward trend supported by high volume.
3. APD – Stable uptrend with breakout potential.
4. IOVA – Strong buying activity with potential for further gains.
Strong Bullish Signals:
1. EBS
2. MCK
Individual Stock Analysis:
Emergent BioSolutions (EBS):
– Support Levels: $14.43, $14.31, $14.20
– Resistance Levels: $14.78, $15.00, $15.20
– Price Action Prediction: EBS is showing strong bullish signs, likely to reach $15.00 in the next 2-3 days.
– Price Targets: $14.78, $15.00, $15.20
– Entry Points: Around $14.43
– Stop-loss: Near $14.20
–
McKesson Corporation (MCK):
– Support Levels: $605.70, $605.22, $604.94
– Resistance Levels: $606.54, $607.00, $608.00
– Price Action Prediction: MCK likely to test and break the $607.00 level, rising to $608.00 in upcoming sessions.
– Price Targets: $606.54, $607.00, $608.00
– Entry Points: Around $605.70
– Stop-loss: Near $604.94
–
Air Products and Chemicals (APD):
– Support Levels: $265.31, $264.93, $263.66
– Resistance Levels: $266.24, $267.00, $268.00
– Price Action Prediction: APD is expected to reach closer to $267.00-$268.00 in the next few days.
– Price Targets: $266.24, $267.00, $268.00
– Entry Points: Around $265.31
– Stop-loss: Near $264.93
–
Iovance Biotherapeutics (IOVA):
– Support Levels: $9.00, $8.97, $8.96
– Resistance Levels: $9.06, $9.09, $9.20
– Price Action Prediction: Expect IOVA to continue towards and potentially surpass $9.09.
– Price Targets: $9.06, $9.09, $9.20
– Entry Points: Around $9.00
– Stop-loss: Near $8.96
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Given the analysis, traders may find opportunities in EBS, MCK, APD, and IOVA for short-term gains with potential breakouts backed by rising volumes and bullish price patterns. Proper risk management through stop-loss placements near significant support levels is recommended.