Continuation Breakout Tuesday 2PM 7/30/2024

Overall Sector and Industry Analysis:

Date Range:

The analysis covered the period from June 30, 2024, to July 30, 2024, in Eastern Standard Time (EST).

Commentary:

Over the past 30 days, the broader market has witnessed varied performances across different sectors. Several key trends and patterns stand out when examining the price and volume data of the provided tickers.

1. Energy Sector:
   • BOIL (ProShares Ultra Bloomberg Natural Gas): The energy sector, particularly commodities like natural gas, has shown significant intraday volatility. BOIL’s volumes have surged in the last 10 days, hinting at increased trading interest, likely due to geopolitical factors and weather forecasts.
2. Healthcare Sector:
   • VLO (Valero Energy Corporation) and ABBV (AbbVie Inc.): These tickers indicate a stable upward trajectory, especially VLO, suggesting strong underlying sector fundamentals.
   • UNH (UnitedHealth Group Inc.): This stock shows consistent volume and slight positive price movements, aligning with broader healthcare sector strength.
3. Technology Sector:
   • SSG (ProShares UltraShort Semiconductors), NEUE (NeuExa), and SOXS (Direxion Daily Semiconductor Bear 3X Shares) reflect the fluctuating nature of the tech sector, with semiconductor-related stocks exhibiting notable intraday movements.
4. Consumer Sector:
   • COF (Capital One Financial Corporation), WBD (Warner Bros. Discovery, Inc.), WING (Wingstop Inc.), and LMT (Lockheed Martin Corporation): These stocks highlight mix dynamics within the consumer discretionary and defensive sectors, with WING and LMT showing bullish tendencies supported by robust recent volume.
5. Manufacturing and Heavy Industries:
   • RTX, NOC, and MTD reflect a stable to positive performance, with slight volume upticks signaling potential investor confidence in these industries.

Ticker Performance Prediction:

Likely to Go Up in Next 2-3 Days:

Based on the recent price-volume analysis, the following tickers are likely to experience upward momentum:

1. VLO: Strong bullish signals with increased volume and consistently higher intraday highs in the recent sessions.
2. ABBV: The stock shows a stable upward trend with a steady increase in volume.
3. WING: Demonstrates strong upward price momentum with significant volume in the last trading sessions.
4. LMT: The stock is showing strong bullish patterns with increasing volumes and higher highs.
5. UNH: Consistent upward price movement with strong volume adds to its bullish outlook.

Strong Bullish Signals:

• WING
• LMT
• VLO

Individual Stock Analysis:

VLO (Valero Energy Corporation)

• Support Levels:
  • $161.50
  • $160.00
  • $158.50
• Resistance Levels:
  • $164.50
  • $166.00
  • $167.50
• Price Action Prediction:
  • Expect VLO to test the $164.50 level in the next trading session as it showed strong price closing near its high.
  • If it holds $161.50, it might continue to $166.00 levels in 2-3 days.
• Entry Point: Near $161.50

• Stop-Loss Level: Below $160.00 to protect against potential downturns.

WING (Wingstop Inc.)

• Support Levels:
  • $370.00
  • $368.00
  • $365.00
• Resistance Levels:
  • $375.00
  • $378.00
  • $380.00
• Price Action Prediction:
  • Look for WING to break and hold above the $375.00 level; potential to reach $378.00 in next 2-3 days.
  • Strong support near $370.00 provides a solid entry.
• Entry Point: Around $370.00

• Stop-Loss Level: Below $368.00 for risk management.

LMT (Lockheed Martin Corporation)

• Support Levels:
  • $530.00
  • $528.00
  • $525.00
• Resistance Levels:
  • $540.00
  • $542.00
  • $545.00
• Price Action Prediction:
  • Bullish trend should continue with strong close at highs, likely to test $540.00 resistance; if surpassed, next target is $542.00.
  • Volume suggests strong buying sentiment.
• Entry Point: Near $530.00

• Stop-Loss Level: Below $528.00 to limit potential losses.

UNH (UnitedHealth Group Inc.)

• Support Levels:
  • $575.00
  • $570.00
  • $568.00
• Resistance Levels:
  • $580.00
  • $582.00
  • $585.00
• Price Action Prediction:
  • UNH is poised to test the $580.00 level in the coming sessions with consistent volume backing its climbs.
  • Potential to hit $582.00 if momentum persists.
• Entry Point: Around $575.00

• Stop-Loss Level: Below $570.00 for downside protection.

ABBV (AbbVie Inc.)

• Support Levels:
  • $185.00
  • $183.50
  • $182.00
• Resistance Levels:
  • $187.00
  • $188.50
  • $190.00
• Price Action Prediction:
  • ABBV to retest $187.00 in the short term. A hold above $186.00 could see it chase $188.50 resistance soon.
  • Volume consistency signifies strong institutional support.
• Entry Point: Near $185.00

• Stop-Loss Level: Below $183.50 to mitigate risks.

By focusing on these key sectors and stock tickers, investors and traders can navigate the short-term trading environment with informed insights and strategic entry/exit points.