Granny Shot Technicals

Super Grannies:

NVDA – Bullish

NVDA 2.55% ’s consolidation in recent weeks hasn’t resulted in any material technical damage and the stock lies just off all-time highs near levels hit back in March

Minor pullback has helped to alleviate short-term overbought conditions while weekly momentum remains strongly bullish

Move back above $907.39 would result in upside acceleration to $967, followed by a breakout to new highs and gains to $1050, $1100

Only a decline back under $918 would serve to postpone the Spring rally

CAT – Bullish

Minor 5% consolidation since early April makes CAT 1.82%  quite attractive as a technical risk/reward for a rally back to new highs.

No evidence of any intermediate-term uptrend line violation has been seen, and CAT is less overbought given recent pullback

CAT remains one of the strongest performers within the Industrials complex, and is preferable within Machinery over Deere (DE -1.40% )

Resistance levels lie at $382, then $395, while Support lies at $357, then $346

META – Bullish

Minor two-week consolidation has failed to cause any technical damage to the mild uptrend from February, nor the larger uptrend from last October’s lows

Upward acceleration following META -0.74% ’s breakout above 2021 peaks still looks to have further to go

Resistance targets lie near $547 while movement above this should help propel META up to $598-$600

Strong support lies between $476-$481 and pullbacks to this support zone would make META -0.74%  an even better risk/reward opportunity

GOOGL – Bullish

GOOGL 0.44%  recent breakout above 2021 peaks back to new all-time highs should allow for this stock to play catchup to some of the momentum seen out of many of the other Magnificent 7 names

Broader pattern remains very constructive given its high-volume breakout to a 2.5 year Cup and Handle pattern.  Expect rallies up to $175-$180

Momentum not too overbought given consolidation near prior all-time highs

Support on any pullbacks lies near $154, then $140 but not expected right away

TDG – Bullish

Four straight weeks of sideways consolidation have done little to lessen the technical appeal of TDG 1.61%  which remains in very good technical shape

Upside targets lie initially near $1300, then $1350 while it would take movement under 1136 to postpone any rally

Despite overbought conditions, TDG has shown no evidence of any technical weakness to suggest this might be trying to peak out

Sleeper Grannies:

ZS – Bearish

ZS has now retraced approximately 50% of its prior rally from 2023.  Yet, additional selling pressure looks likely with strong support near $150-$155

Until ZS 0.97%  reaches downside targets, ZS requires move back over $225 to have confidence of a potential bottom at hand.

ZS has fallen in nine of the last 10 weeks, yet momentum has not gotten too oversold

ISRG –  Neutral

ISRG 0.30%  remains mired in neutral consolidation following its  breakout to new all-time highs

While intermediate-term technical structure remains quite constructive, ISRG has moved sideways over the last 12 weeks

Holding $376.60 is a temporary positive of a possible failed breakdown;  Yet, movement back above $404 is necessary to jumpstart its intermediate-term momentum

TSLA –  Bearish

Recent breakdown of $160.50 has violated a five-week consolidation pattern and turns near-term technical trends back to bearish

TSLA -1.40%  does appear to be closing in on a low;  However, that level might not materialize until $152 which was last made one-year ago back in April.

To have confidence TSLA is bottoming, a rally back above $177 is necessary.  Until then, TSLA remains within its ongoing downtrend

PANW – Neutral

PANW -7.19%  broke the uptrend from last January lows, but remains neutral until/unless $260 is violated

This stock took the lead in turning down and technical trends won’t turn bullish until $291 can be surpassed.

Breaks of its 50% retracement level near prior March 2024 lows would result in declines down to $230.

For a bullish opinion, some evidence of PANW turning back higher is necessary which would involve a weekly close back above $307

AAPL – Neutral

Despite minor breakout of its three-month downtrend on high volume, AAPL 0.62%  remains mired in near-term range-bound consolidation.

It’s thought that $165 remains attractive support, but if/when this is broken, than $161 would be quite strong as support

Movement back over $179 looks important towards providing a larger rally for AAPL

Super SMID Grannies:

BLD –  Bullish

Despite two straight weeks of selling pressure, weekly momentum remains bullish

Fractional weakness still leaves BLD 0.26%  higher by nearly 80% off last October’s highs

Key support lies near $364, while gains above $425 can allow for push back to new highs

IBP –  Bullish

Despite two weeks of consolidation in IBP 0.61%  given higher Treasury yields, weekly momentum remains quite strong

IBP should face maximum selling pressure down to $204, while any move back over 260 could have upside to $280, then $300

Building products stocks like IBP look like appealing risk/rewards given that Rates could possibly peak out in late April and turn lower

HCI –  Bullish

Last week’s drop to multi-week lows failed to do much technical damage.  Move back higher to $121.57 and higher to $140 looks likely over the next 3-5 months

Recent consolidation has helped to alleviate overbought conditions

The act of having exceeded 70% retracement of  the prior decline should result in a rally back to $140 to test all-time highs

EXP – Bullish

Three weeks of decline has not erased the bullish momentum from last Fall .  Support lies at $243, then $225

Test of March lows likely does represent some near-term support and can result in a push back to new high territory

Any spring rally in Treasuries into Summer should cause EXP 0.26%  to push back to new high territory

REX –  Bullish

Excellent technical structure given recent surge on above-average volume

10% decline on much lighter volume provides an excellent risk/reward entry

Expect rally back to test and exceed recent highs at $60.79 up to $65.  Strong support lies near $52

Sleeper SMID Grannies:

CARG – Neutral

Despite more than doubling off 2022 lows, CARG -0.88%  barely has retraced 38.2% of prior decline from early 2022

This week’s decline to lowest possible weekly close of the year means the breakout attempt above Summer 2023 peaks has been proven false

Support lies at $20.50-$20..75 while rally over $24.50 needed to jumpstart momentum

HIBB – Neutral

Despite rally from 2023 lows, HIBB 0.00%  remains at levels hit back in early 2022 and 2023

Recent breakout attempt above Jan. 2023 highs increasingly being viewed as false move

Pullback should find support near $64, then $55.  Rally above 83 is bullish for a move up to $100

TREE –  Neutral

Despite TREE’s sharp rally from late 2023, this remains an anemic bounce compared to its drop from 2019

Technical trend has been largely Neutral since August 2022 and recent rally looked to have peaked out right near former highs from 2023

Near-term break of six-month uptrend is a short-term negative for TREE -0.20% , and could result in pullbacks to 28.80.   Rally back over $44.50 needed to think rally extends

NPK –  Neutral

Following a greater than 50% decline from 2018 into 2022 lows, NPK -0.37%  has underperformed on its rally from two years ago

Rally off lows has proven choppy and overlapping, and NPK trades near similar levels as Spring 2022

Move above 84.50 needed to jumpstart shares, while under74 would prove problematic to longs, postponing the rally

CRUS –  Neutral

Largely no progress since early 2020, over four years ago

Recent bounce from October would be complete given this week’s pullback to new 3 month lows

Under 80 would warn of greater pullback to 66. Exceeding 97 key to help gains up to 112