Continuation Breakout Wednesday 1PM 6/26/2024

Overall Sector and Industry Analysis

Datetime Range: 2024-05-26 to 2024-06-26 EST

Based on the analysis of the stocks over the past 30 days with emphasis on the recent 10 days, we observe varied performance across different sectors.

1. Technology Sector:
   • Stocks Referenced: MSFT, INTU, ADSK, ACN, GLOB
   • Observation:
     • These stocks have shown a steady increase in both price and volume indicating positive momentum. Notably, Microsoft (MSFT) has maintained a strong uptrend supported by high trading volumes.
     • Trend Pattern: Continued bullish momentum with increased volume suggests sustained interest in this sector.
2. Healthcare Sector:
   • Stocks Referenced: FNGU, PODD, IRTC
   • Observation:
     • These stocks depict mixed performance with some sideways movement in prices but with bursts of high volumes, suggesting accumulation phases.
     • Trend Pattern: Potential setups for breakout trading due to price consolidation and volume spikes.
3. Consumer Discretionary Sector:
   • Stocks Referenced: BKNG, ESS
   • Observation:
     • Booking Holdings Inc. (BKNG) shows a consistent upward movement with significant volumes suggesting strong buying interest.
     • Trend Pattern: Steady growth mainly backed by consumer sentiment and economic recovery.
4. Others:
   • Stocks Referenced: SFWL, ECX, COE, OMGA, JMIA, FTEL, ELF, DUOL, SNCY, CPAY, RAPP
   • Observation:
     • Varied performance with notable movers including ECX and SFWL showcasing significant volatility and volume changes potentially driven by market news and speculation.
     • Trend Pattern: Non-uniform trends with potential swing trade setups in volatile conditions.

Ticker Performance Prediction

Based on the analysis over the past 30 days, with a focus on the recent 10 days, the stocks likely to witness upward momentum in the next 2-3 days are:

1. MSFT (Microsoft)
2. INTU (Intuit)
3. BKNG (Booking Holdings Inc.)
4. SFWL (Safeworld)

Individual Stock Analysis

1. Microsoft (MSFT)

• Support Levels: 450, 452, 454
• Resistance Levels: 458, 460, 462

Price Action Prediction:
– Monitor for breakout above 458 for a target upwards toward 462 in the next 1-3 days.
– Possible Entry: Near 452 (support).
– Stop-Loss Level: Below 450.

2. Intuit (INTU)

• Support Levels: 635, 637, 640
• Resistance Levels: 645, 648, 650

Price Action Prediction:
– Likely to test resistance at 645. A successful breakout can see it move toward 650.
– Possible Entry: Near 637 (support).
– Stop-Loss Level: Below 635.

3. Booking Holdings Inc. (BKNG)

• Support Levels: 3990, 4000, 4010
• Resistance Levels: 4020, 4035, 4050

Price Action Prediction:
– Anticipated continuation to breach resistance at 4020, with potential targets at 4050.
– Possible Entry: Near 4000 (support).
– Stop-Loss Level: Below 3990.

4. Safeworld (SFWL)

• Support Levels: 1.14, 1.20, 1.25
• Resistance Levels: 1.32, 1.45, 1.50

Price Action Prediction:
– Recent volumes suggest a potential move upward towards resistance at 1.32. Breakout above this can target 1.50.
– Possible Entry: Near 1.20 (support).
– Stop-Loss Level: Below 1.14.

Summary

The tech sector continues to show robust performance, likely driven by strong earnings and favorable market conditions. Specific stocks such as MSFT, INTU, and BKNG are poised for near-term upward momentum. Volatile stocks like SFWL offer high-risk, high-reward opportunities. Proper entry and exit levels, coupled with tight stop-losses, are essential for effective swing trading in the coming days.