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Continuation Breakout Tuesday 4PM 7/09/2024

July 9, 2024 2 min read

Overall Sector and Industry Analysis:

Datetime Range: June 9, 2024 – July 9, 2024 (EST)

After a comprehensive analysis of various sectors over the past 30 days with a keen focus on the past 10 trading days, several trends and patterns emerge:

  1. Healthcare Sector:
    • Stocks Analyzed: ARDX, ORIC, IMUX, UNH, EBS
    • Trend Observations: The healthcare sector shows mixed signals with a tendency towards higher volatility. Stocks like ARDX and ORIC displayed consistent volume with minor upward movement, indicating potential short-term gains. Larger cap stock UNH shows stability but not significant movement.
  2. Technology Sector:
    • Stocks Analyzed: TSL, ROOT, TT, TSLA, REAX, AMWL, SEZL, TVTX
    • Trend Observations: The tech sector is robust. TSLA’s consistent high volume suggests strong interest, along with ROOT, highlighting strong bullish signals.
  3. Financial Sector:
    • Stocks Analyzed: GS, FCNCA, JPM
    • Trend Observations: Financials displayed stability with slight bullish trends. GS and JPM had a high volume indicating strong investor sentiment.
  4. Consumer Discretionary:
    • Stocks Analyzed: CSL, TFX, JMIA, HUYA
    • Trend Observations: Mixed performance. JMIA and HUYA indicated potential bullish movements with significant volume upticks.

Ticker Performance Prediction:

Likely to go up in the next 2-3 days:

  • ARDX: Consistent volume with upward price movement suggests bullish momentum.
  • TSLA: High sustained volume hints at continued bullish sentiment.
  • ROOT: Displaying strong upward price movement with significant volume.
  • JMIA: Recent volume spike and price movements suggest potential bullish trend.

Individual Stock Analysis:

1. ARDX

  • Support Levels:
    1. $5.55
    2. $5.50
    3. $5.45
  • Resistance Levels:
    1. $5.65
    2. $5.70
    3. $5.75

Price Action Predictions (30-minute chart): The stock may inch towards the $5.65 level. Expect minor pullbacks around $5.55, providing entry opportunities.

Price Targets:
– Immediate: $5.65
– Short-term: $5.70
– Aggressive: $5.75

Entry Points: Around $5.55

Stop-Loss: $5.45

finviz dynamic chart for ARDX

2. TSLA

  • Support Levels:
    1. $261.50
    2. $260.00
    3. $258.50
  • Resistance Levels:
    1. $264.50
    2. $266.00
    3. $268.00

Price Action Predictions (30-minute chart): Expect testing of $264.50 levels. Minor retracements might offer good entry points.

Price Targets:
– Immediate: $264.50
– Short-term: $266.00
– Aggressive: $268.00

Entry Points: Around $262.50

Stop-Loss: $261.00

finviz dynamic chart for TSLA

3. ROOT

  • Support Levels:
    1. $66.00
    2. $65.50
    3. $65.00
  • Resistance Levels:
    1. $67.00
    2. $67.50
    3. $68.00

Price Action Predictions (30-minute chart): Expect a test of $67.00 resistance. Support at $66.00 should provide solid entry points.

Price Targets:
– Immediate: $67.00
– Short-term: $67.50
– Aggressive: $68.00

Entry Points: Around $66.00

Stop-Loss: $65.50

finviz dynamic chart for ROOT

4. JMIA

  • Support Levels:
    1. $10.90
    2. $10.80
    3. $10.70
  • Resistance Levels:
    1. $11.10
    2. $11.20
    3. $11.35

Price Action Predictions (30-minute chart): The price likely to test $11.10. Look for retracements to around $10.90 as entry opportunities.

Price Targets:
– Immediate: $11.10
– Short-term: $11.20
– Aggressive: $11.35

Entry Points: Around $10.90

Stop-Loss: $10.70

finviz dynamic chart for JMIA

By closely monitoring price and volume movements, these stocks demonstrate promising bullish potential within the next 1-3 trading days. Always ensure adherence to proper risk management strategies.

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