Continuation Breakout Wednesday 12PM 7/31/2024

Overall Sector and Industry Analysis

DateTime Range Analyzed: June 30, 2024 – July 30, 2024 (EST)

Overall Sector Performance:

1. Technology Sector:
   The technology sector has shown substantial growth over the last 30 days with a notable increase in both price and volume. Stocks like TMO (Thermo Fisher Scientific) have demonstrated consistent upward momentum, signifying strong market confidence in tech-based solutions.

2. Health Care Sector:
   Health care stocks, particularly ETNB and ADP, exhibited mixed performances. ETNB showed volatile price movements with moderate volume, indicating potential market speculation. In contrast, ADP showed steady growth with relatively consistent volume, suggesting stable investor interest.

3. Consumer Discretionary:
   Notable players such as FTEL showed robust price movements, particularly in the last 10 days, indicating strong short-term market sentiment.

4. Financials:
   Financial stocks such as GS (Goldman Sachs) have experienced a steady climb in price with significant volume spikes, signaling strong institutional interest.

5. Industrials:
   Stocks like EXP (Eagle Materials Inc.) have displayed volatile price activity, with significant volume increases towards the latter part of the 30 days, suggesting a heightened market interest and potential breakout scenarios.

Sector Trends and Patterns:

• Bullish Trend in Technology:
  Technology stocks have seen a concerted bullish trend bolstered by strong earnings reports and positive investor sentiment. TMO, in particular, has led this charge with significant price and volume surges.

• Mixed Signals in Health Care:
  Health care stocks have been somewhat volatile. ETNB experienced dramatic price swings possibly due to speculative trading, while ADP demonstrated steady growth indicative of solid fundamentals.

• Momentum in Financials:
  Financials like GS have shown promising upward movement driven by strong earnings reports and increased volume, signaling robust growth potential in the immediate future.

Ticker Performance Prediction:

Likely to Go Up:

1. TMO (Thermo Fisher Scientific)
2. GS (Goldman Sachs)
3. EXP (Eagle Materials Inc.)

Strong Bullish Signals:

• TMO – Consistent upward movement with sustained high volume.
• GS – Steady price increase with significant volume upticks.
• EXP – Recent breakout above key resistance with high volume.

Individual Stock Analysis:

TMO (Thermo Fisher Scientific)

Support Levels:
1. $614
2. $609
3. $600

Resistance Levels:
1. $620
2. $625
3. $630

Price Action Prediction (Next 2-3 Days):
– Prediction: Likely to continue its upward trend based on strong volume support.
– Price Targets:
– Near-term: $620
– Intermediate: $625
– Further out: $630
– Entry Point: Around $614 (first support level)
– Stop-Loss: Near $609 to limit downside risk.

Chart:

GS (Goldman Sachs)

Support Levels:
1. $512
2. $510
3. $507

Resistance Levels:
1. $514
2. $518
3. $520

Price Action Prediction (Next 2-3 Days):
– Prediction: Expected to see continued upward swings.
– Price Targets:
– Near-term: $514
– Intermediate: $518
– Further out: $520
– Entry Point: Around $512 (first support level)
– Stop-Loss: Near $510 to mitigate potential losses.

Chart:

EXP (Eagle Materials Inc.)

Support Levels:
1. $268
2. $265
3. $260

Resistance Levels:
1. $272
2. $275
3. $278

Price Action Prediction (Next 2-3 Days):
– Prediction: Likely to continue its upward momentum given the recent volume surge.
– Price Targets:
– Near-term: $272
– Intermediate: $275
– Further out: $278
– Entry Point: Around $268 (first support level)
– Stop-Loss: Near $265 to minimize risk.

Chart:

Conclusion:

The market has shown favorable conditions for certain sectors, particularly Technology and Financials. Stocks like TMO, GS, and EXP are poised for short-term gains, given their recent price-action developments and volume patterns. Traders should keep an eye on these stocks and consider the provided support and resistance levels when making trading decisions.