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Continuation Breakout Wednesday 3PM 8/14/2024

August 14, 2024 3 min read

Overall Sector and Industry Analysis:

Datetime Range Analyzed: 2024-07-15 to 2024-08-14, Eastern Standard Time (EST)

Sector Overview:
In the past 30 days, the stock market has displayed varied performance across sectors. Noticeable trends and patterns have emerged in the technology, consumer discretionary, and industrial sectors. Many tech stocks have shown consistent volume and upward momentum. Conversely, the energy sector seems to have plateaued recently, showing a mixture of sideways movement and slight declines.

  • Technology Sector: Stocks such as CRM, PANW, and CRWD have shown upward trends in price coupled with high volumes, indicating strong interest and bullish sentiment in this sector.
  • Consumer Discretionary: Stocks including RACE and CHWY have performed well, demonstrating cyclical gains influenced by economic conditions and consumer behavior.
  • Industrial Sector: Companies like PH and TRGP showed robust price action with sustainable momentum, influencing overall sector performance.

Ticker Performance Prediction:

Based on recent price and volume analysis, the following stocks are likely to exhibit upward movement in the next 2-3 days:
1. CRM (Salesforce.com)
2. RACE (Ferrari N.V.)
3. CRWD (CrowdStrike Holdings)

These stocks have shown strong bullish signals, characterized by higher highs, sustainable volume, and recent intraday strong close.

Individual Stock Analysis:

CRM (Salesforce.com) finviz dynamic chart for  CRM

Support Levels:
1. $255.00
2. $253.50
3. $251.75

Resistance Levels:
1. $258.00 (minor resistance)
2. $260.50 (major resistance)
3. $262.00 (historical resistance)

Price Action Predictions (30-minute chart):
– Predicted to open bullish and test immediate resistance at $258.00.
– Potential move towards $260.50 within the next trading day.
– Price might consolidate between $255.00 – $258.00 before a breakout.

Entry Points:
– Enter near $255.00 support level.

Stop-loss Levels:
– Place a stop-loss at $253.00 to minimize downside risk.

RACE (Ferrari N.V.) finviz dynamic chart for  RACE

Support Levels:
1. $453.00
2. $450.00
3. $445.50

Resistance Levels:
1. $457.00
2. $460.00
3. $463.50

Price Action Predictions (30-minute chart):
– Likely to continue an upward trend, testing $457.00 resistance.
– If volume sustains, anticipate a breakout towards $460.00 and possibly $463.50.

Entry Points:
– Buying opportunity around $453.00.

Stop-loss Levels:
– Stop-loss set tightly at $450.00 to account for volatility.

CRWD (CrowdStrike Holdings) finviz dynamic chart for  CRWD

Support Levels:
1. $255.50
2. $253.70
3. $252.00

Resistance Levels:
1. $257.50
2. $259.00
3. $261.20

Price Action Predictions (30-minute chart):
– Expected to consolidate between $256.00 – $257.50 before a potential breakout.
– Could reach $259.00 within a day, driven by positive sentiment.

Entry Points:
– Look for entry around $255.50 levels.

Stop-loss Levels:
– Set a stop-loss at $254.00 to limit potential losses.

  • CRM: Buy near $255.00; target for $258.00, $260.50, and $262.00; stop-loss at $253.00.
  • RACE: Enter near $453.00; targets at $457.00, $460.00, and $463.50; stop-loss at $450.00.
  • CRWD: Buy around $255.50; set targets at $257.50, $259.00, and $261.20; stop-loss at $254.00.

Utilize these entry points, targets, and stop-losses for effective momentum trading over the next 1-3 days. Conduct daily reviews based on price and volume movements for adjustments.

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