Continuation Breakout Thursday 4PM 6/27/2024

Overall Sector and Industry Analysis:

Datetime Range Analyzed (EST): June 1, 2024 – June 27, 2024

Over the past 30 days, the market has exhibited mixed performance across various sectors. Technology and biotech sectors, reflected by stocks such as NOW, NFLX, INTU, and TBIO, demonstrated robust activity and strong momentum. Consumer discretionary stocks, represented by OLLI and CASI, showed signs of volatility and volume spikes indicating potential price movements. The industrial sector, through stocks like NOC and JLL, has been relatively stable with moderate volume and price changes.

Two noticeable patterns were observed:

1. Technology Sector (NOW, NFLX, INTU, CRM, ANET):
   • Consistent uptrend in prices with strong volume support.
   • High volatility within intra-day trading, suggesting investor attention and activity.
2. Biotechnology Sector (TBIO, NRIX, IFRX):
   • Increased activity and volume in the last 10 days, pointing towards potential breakout opportunities.
   • Volatile price movements, indicating speculative trades.

Ticker Performance Prediction:

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

1. NFLX: Strong bullish signals based on consistent higher lows and incremental increases in volume.
2. INTU: Sustained upward momentum and volume, showing resilience and intraday strength.
3. MANH: Bullish momentum with strong support levels and increasing volume.
4. DUOL: Continued uptrend with higher trading volumes and positive price action.
5. EVGO: Breakout potential indicated by rising prices and substantial volume.

Individual Stock Analysis:

NFLX

• Key Levels for Support: $682, $679, $675
• Key Levels for Resistance: $690, $695, $700
• Price Action Prediction: Bullish breakout above $690 likely, testing $695 and potentially $700 within the next 2-3 days.
• Entry Points: Look for entries around $682 – $685.
• Stop-Loss Levels: Tight stop around $679 to minimize risk.
• Chart:

INTU

• Key Levels for Support: $650, $645, $640
• Key Levels for Resistance: $655, $660, $665
• Price Action Prediction: Expect testing of $655 resistance, potential climb to $660-$665.
• Entry Points: Ideal entries between $650 – $652.
• Stop-Loss Levels: Place stop-loss around $645.
• Chart:

MANH

• Key Levels for Support: $250, $248, $245
• Key Levels for Resistance: $254, $256, $258
• Price Action Prediction: Bullish above $252. Likely targets at $254 and $256.
• Entry Points: Enter near $250.
• Stop-Loss Levels: Stops ideally set near $248.
• Chart:

DUOL

• Key Levels for Support: $207, $205, $202
• Key Levels for Resistance: $211, $213, $215
• Price Action Prediction: Testing resistance at $211, potential climb towards $213-$215.
• Entry Points: Best to enter near $207 – $209.
• Stop-Loss Levels: Suggest placing stop-loss near $205.
• Chart:

EVGO

• Key Levels for Support: $2.50, $2.45, $2.40
• Key Levels for Resistance: $2.55, $2.60, $2.65
• Price Action Prediction: Potential uptrend towards $2.60 and $2.65.
• Entry Points: Enter positions around $2.50 – $2.52.
• Stop-Loss Levels: Tight stop at $2.45.
• Chart:

This column intends to guide short-term traders through identified high-momentum stocks poised for potential gains over the next few trading days. Ensure proper risk management and respect stop-loss levels to protect against unforeseen market movements.