Continuation Breakout Tuesday 4PM 6/04/2024

Overall Sector and Industry Analysis:

DateTime Range Analyzed:

2024-05-05 to 2024-06-04 (EST)

Commentary on Sector and Industry Performance:

Upon analysis of the provided data, several sectors and industries demonstrate varied performance. The Technology sector, notably represented via tickers like MSFT and COST, continues to exhibit consistent upward movement, attributed primarily to strong market fundamentals and robust demand within the tech space. Moreover, the consumer discretionary segment, reflected by tickers such as AZO and OMEX, displays resilience despite broader market volatility, supported by stable consumer spending.

Trends within Sectors:

• Technology (MSFT): Displaying steady upward momentum, supported by significant institutional investment and positive earnings reports.
• Consumer Discretionary (COST, AZO): Both showing increased price action, indicative of resilient consumer spending dynamics.
• Health & BioTech (SYK, OBIO): SYK and OBIO are experiencing moderate upward trends due to ongoing innovation and product launch cycles in the sector.
• Cryptocurrency-related stocks (BITF, IREN): Demonstrating significant volatility, with BITF and IREN showing recent bullish reversals catalyzed by increased bitcoin adoption and market sentiment.

Notable Tickers:

• MSFT, COST, AZO (Technology and growth sectors showcasing momentum).
• BITF, IREN (Cryptocurrency-related stocks revealing momentum swings).

Ticker Performance Prediction:

Likely to Go Up in the Next 2-3 Days:

• MSFT: Strong bullish signals, continued positive momentum.
• COST: Sustained strong demand, resilient price movements.
• BITF: Strong recovery signals, potential rapid growth.
• AZO: Strong consumer discretionary demand.

Individual Stock Analysis:

MSFT (Microsoft Corp.)

1. Support Levels:
   • $413.00 (Strong base, recent low)
   • $412.00 (Previous resistance turned support)
   • $410.50 (Psychological support level)
2. Resistance Levels:
   • $416.50 (Recent high, pivotal resistance)
   • $418.00 (Preceding higher high, potential target)
   • $420.00 (Major round number)
3. Price Action Predictions:
   • Near-term (Next 2-3 days): Potential upward trajectory toward the $416.50, $418.00, and $420.00 resistance levels due to strong momentum.

• Entry Points: Around $413.00 or $412.00 for risk-managed entries.

• Stop-loss Levels: Below $410.50 for protection against significant adverse moves.

• WordPress Shortcode:

COST (Costco Wholesale Corp.)

1. Support Levels:

   • $824.00 (Strong recent support)
   • $821.75 (Recent low, interim support)
   • $820.00 (Round number support, psychological base)
2. Resistance Levels:
   • $828.00 (Immediate resistance, recent high)
   • $830.00 (Minor round number, potential sell zone)
   • $832.00 (Higher resistance target, price ceiling)
3. Price Action Predictions:
   • Near-term (Next 2-3 days): Probable test of $828.00, cascading towards $830.00 and potentially $832.00 considering positive sectoral sentiment.

• Entry Points: Following dips to $824.00 or $821.75 for risk-adjusted entries.

• Stop-loss Levels: Below $820.00 to mitigate downside risk.

• WordPress Shortcode:

BITF (Bitfarms Ltd.)

1. Support Levels:

   • $2.40 (Immediate operational support)
   • $2.38 (Strong bottom pivot)
   • $2.35 (Deeper support, broader base)
2. Resistance Levels:
   • $2.45 (Immediate high, near-term target)
   • $2.50 (Psychological threshold)
   • $2.55 (Strong upper resistance, previous high)
3. Price Action Predictions:
   • Near-term (Next 2-3 days): Likely ascent towards $2.45, pushing the envelope to $2.50, possibly reaching $2.55 on strong market sentiment.

• Entry Points: Around $2.40 for minimal risk entries.

• Stop-loss Levels: Below $2.35 to contain risk.

• WordPress Shortcode:

AZO (AutoZone Inc)

1. Support Levels:

   • $2780.00 (Near recent low)
   • $2770.00 (Psychological support)
   • $2760.00 (Mid-term support)
2. Resistance Levels:
   • $2800.00 (Immediate round number resistance)
   • $2820.00 (Minor resistance zone)
   • $2840.00 (Key resistance, upper-band target)
3. Price Action Predictions:
   • Near-term (Next 2-3 days): Potential upward movement testing $2800.00, targeting $2820.00 with possibility extending up to $2840.00 given optimistic consumer discretionary trends.

• Entry Points: Around $2780.00 for secure entry points.

• Stop-loss Levels: Below $2760.00 for effective risk management.

• WordPress Shortcode:

Each ticker showcases defined support and resistance zones, allowing for strategic trade entries and exits. The momentum in these sectors indicates favorable short-term upward trends. Let’s keep a watchful eye on market developments as they unfold.