Continuation Breakout Wednesday 4PM 7/31/2024

Overall Sector and Industry Analysis:

Date Range Analyzed:

The data was analyzed for the period from July 1, 2024, to July 31, 2024, in Eastern Standard Time (EST).

Commentary on Sector and Industry Performance:

Analyzing the past 30 days’ price and volume data across various stocks, certain trends and patterns become evident. Here’s a high-level summary:

1. Consumer Discretionary (RH, BURL, HD, MHO):
   • The sector shows mixed signals. RH and MHO show significant upward movement over the last 10 days, suggesting potential bullish behavior ahead.
   • HD, while generally strong, has seen some volume spikes and stock price fluctuations indicating potential consolidation.
2. Technology (AEHR, FERG, FTEL):
   • AEHR and FERG have shown marked bullish trends with increasing volume supporting their upward movement. FTEL indicates heightened volatility and sharp price movements, providing swing trading opportunities.
3. Finance (GS, ADP, CBRE):
   • Strength in GS initially, but recent downward price movements hint towards correction or consolidation. ADP and CBRE indicate steady movement with slight bullish tendencies.
4. Healthcare (ARGX, ETNB):
   • Both ARGX and ETNB indicate a propensity for bullish movements with steady gains and volume supporting recent price hikes.
5. Industrials (BLDR, AIT, HII):
   • Strong performance in BLDR and AIT with higher volume suggesting continued momentum. HII shows consistency but is prone to typical sector volatility.
6. Basic Materials (VMC, CRS, EXP):
   • VMC and CRS have exhibited strength, indicating supply and demand zone interests. EXP shows high volatility but with bullish tendencies over the past 10 days.

Ticker Performance Prediction:

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

1. RH: Continued buying pressure with definitive bullish candles.
2. AEHR: Steady volumes and strong price movements support a bullish continuation.
3. MHO: Breakouts from recent consolidations indicate potential bullish runs.

Individual Stock Analysis:

RH (Restoration Hardware)

• Support Levels:
  • $285.85 (recent low)
  • $288.70 (consolidation point)
  • $290.14 (current support)
• Resistance Levels:
  • $292.65 (recent high)
  • $296.61 (breakout level)
  • $299.26 (upper resistance)
• Price Action Prediction:
  • Expect RH to continue upward towards $296.61 and potentially break higher toward $299.26.
  • Entry near $288.70 with the first price target at $296.61.
• Stop-Loss: Consider setting around $285.85 to manage risk.

• Finviz Price Chart:

AEHR (Aehr Test Systems)

• Support Levels:

  • $18.12 (recent low)
  • $18.69 (recent consolidation)
  • $18.84 (intraday support)
• Resistance Levels:
  • $19.40 (recent high)
  • $19.43 (50-day moving average)
  • $20.00 (psychological resistance)
• Price Action Prediction:
  • Likely to aim for $19.40 short term and move toward $20.00.
  • Entry near $18.69 with initial price target at $19.40.
• Stop-Loss: Place near $18.12 to manage downside risk.

• Finviz Price Chart:

MHO (M/I Homes, Inc)

• Support Levels:

  • $166.63 (important low)
  • $168.40 (near-term support)
  • $169.55 (current support)
• Resistance Levels:
  • $173.86 (short-term target)
  • $173.64 (previous high)
  • $175.00 (upper resistance)
• Price Action Prediction:
  • Expect a move towards $173.86, given current bullish momentum.
  • Entry suggested near $168.40 support level with target around $173.86.
• Stop-Loss: A stop level around $166.63 to protect from downside risk.

• Finviz Price Chart:

This detailed analysis should help traders make informed decisions based on current trends, volume data, and historical price movements. Make sure to conduct due diligence and consider external market factors before making any trading decisions.