Good morning,
It’s a short and sweet Mailtime this month, no questions, just chart requests.
Thanks to everybody who participated, let’s get into it!
Chart Requests
BALL: Ball Corp
Ball isn’t an exception to recent weakness in materials stocks. The 50-DMA recently crossed below the 200-DMA and the stock remains below a downtrend line that stretches back to April. It’s still holding above support at $59 but that’s the only real positive I see.
INTC: Intel
After collapsing in the first half of the year, Intel is trying to base and work its way higher. $19 could be a major low but I still wouldn’t invest here. The stock is struggling to regain broken support near $25 and above that there is significant resistance near $30.
PLTR: Palantir
We’ve shown Palantir a number of times (see here at $25, here at $32, and even a look at its valuation at $34) and the move has been truly remarkable. I wouldn’t want to try and call a top on a trend this strong but at 40% above the 50-DMA and more than 100% above its 200-DMA this is far too stretched to throw new money at. Current longs should consider trimming or using a tight trailing stop.
QQQM: Invesco Nasdaq 100 ETF
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