Top Stock Ideas
NVIDIA – NVDA
-NVDA’s success in regaining former area of support that was broken along with eclipsing its downtrend from June likely leads this back to new all-time highs
-Initial technical target lies at 140.76 and above that can lead to 150
– While a decline appeared possible in recent months, the ability for NVDA to have climbed back equally as quickly as it declined is a bullish technical omen
-NVDA remains the top performer within SOX on a 3 month, and YTD basis and its rally back over the last couple weeks helped this regain nearly all the damage done into August.
-Weekly MACD remains negative , both daily and monthly MACD are positive and above 123.54 for the month of August would represent a new all-time high monthly close.
Axon Enterprise Inc – AXON
-Early August breakout back to new all-time highs makes AXON quite positive technically as this former base was technically important
-Volume expanded to the highest levels in over one year on the early August breakout.
-Despite some minor consolidation following AXON’s huge breakout of a pattern that resembled a Reverse Head and Shoulders pattern earlier this month, the abnormally large low to high range should be able to lead prices higher to 367 with intermediate-term levels near 424.
-Support on any minor pullback should likely find its footing near $326, or the pivot point of the recent breakout
TransDigm Group – TDG
-Last week’s breakout of a minor two-month downtrend is a technical positive which could help TDG rally back to new all-time highs
-Minor pullback into August failed to do too much damage to the intermediate-term trend and TDG failed to reach even its 38.2% Fibonacci retracement area before rallying back in recent weeks.
-Rally back to $1370 looks likely with movement over that leading to $1400, then $1450
Intuitive Surgical – ISRG
-3rd best performer of the 64 members which make up XLV Year-to-Date, with returns over 43%
-January 2024 Breakout of its Cup and Handle pattern since 2021 resulted in a 35% gain over the last seven months
-Higher in nine out of the last 10 months, ISRG continues to show excellent technical strength.
-Short-term resistance lies near $496 while movement above should lead to 511
Kimco Realty – KIM
-Move above $22.33 in KIM would represent the highest weekly close since early 2023
-KIM broke out of its downtrend from Spring 2022 last December and is on the verge of breaking out of its entire base from Fall 2022 which should result in a quick move to challenge all-time highs
-REITS have proven to be the best performing sector (out of 11) on an Equal-weighted basis over the last three months and have outperformed the SPX over the last 1 month
-Upside technical targets lie near $24, then $26.50 with movement over this level leading back to all-time highs at $32.20
Super SMID Granny Shots
Applovin – APP
-Rally back to challenge this past Spring’s highs might cause temporary resistance near $88.50, but the strength of this comeback since early August is intermediate-term bullish for APP, representing base-building that should eventually give way to a breakout back to $100, then $116
-Despite a lack of progress since May, APP has still risen nine out of the last 10 months, and looks well positioned to rally back to new all-time highs
-Pullbacks in September should be held near initial support at $85 and provide an appealing risk/reward opportunity
Bancorp Inc – TBBK
-Push back to new all-time highs in July helped momentum turn back to sharply positive on weekly and monthly timeframes and TBBK’s monthly chart continues to look quite attractive following its breakout of a lengthy base since 2007
-Arguably the monthly Head and Shoulders pattern was exceeded in January 2023 which has helped TBBK accelerate over the last 18 months
-The extent of TBBK’s upward rally in July helped to surpass the upper range of its trend channel from 2021 which suggests a push back to new highs into September
-Initial upside targets lie near $53.50, and above should lead prices to $60
ePlus Inc – PLUS
-Its 130% gains this year have propelled PLUS to overbought levels; yet no evidence of any trend deterioration are yet in place
-Pullback down to $16.75 would make this even more appealing from a risk/reward perspective
-Volume has been particularly encouraging for gains over the last couple months and last week’s surge proved to be the highest volume since Spring
-Gains up to $24 look possible while a breakdown under $15 would be necessary to postpone the rally
Palantir Technologies – PLTR
-Volume remains supportive of PLTR’s recent push back to multi-year highs. Further gains look likely to $38-$40 before any consolidation sets in
-PLTR’s pattern has been accelerating exponentially in recent months, but has done so in a stair-stepping manner which has prevented momentum from becoming too overbought
-Any mild consolidation in September/October period likely finds strong support near $27.50-$28 before pushing back higher
-August’s gains thus far have occurred on very heavy volume, which coupled with the large low to high range, provide for an ongoing rally into September before a stalling out
Mueller Industries Inc – MLI
-Gains over the last eight of 10 months have resulted in a doubling in price for MLI which remains quite attractive technically
-Further rally up to $80 looks likely for MLI into September before a stalling out while dips have strong support near $57-$62
-MLI requires a move down under the prior month’s lows to have initial feelings of this starting to peak out. At present, this has not happened since a brief time in 2023
-DeMark counter-trend indicators remain 3-4 weeks away from signaling any type of upside exhaustion
