Happy Wednesday,
A quick reminder that the markets are closed for Juneteenth tomorrow. And since nobody (myself included) should be reading market research on a mid-week holiday, I’m releasing Stock Trends today, in real time.
All these charts have been pulled this morning since the market opened, so this is as real-time as it gets.
This week, we’ll review:
Why cybersecurity is still leadership
The biggest winners from last month’s bullish call on semiconductors
Two tech stocks that aren’t working
Hot List updates
and more!
Cybersecurity is leadership
Fortinet is setting up for a move
FTNT is down this morning but the stock is holding above its 50-DMA and looks poised to take out its downtrend line from the February highs. Once it does that, I expect it’ll be a quick trip back to $114.
New all-time highs for Crowdstrike
CRWD hit new ATHs yesterday and continues to ride an uptrend in absolute and relative terms.
Betting third time is the charm for Palo Alto
PANW is within 3% of its all-time highs and has a nice inverse head and shoulders pattern shaping up over the last seven months. A breakout above $207 targets $269.
Hot List stock Zscaler giving up nothing despite overbought extremes
We’re up 35% since Zscaler was added to the Hot List last month, and over the past few weeks I’ve felt that the stock was at an extreme risk of a pullback. But so far, ZS is consolidating through time, not price, and that’s bullish for its near-term prospects.
Semiconductors were very much back in town
The May 15 edition of this report was titled, “The boys are back in town” and we looked at the improvement in semiconductors. Today, we check back on some of the biggest winners in that space.
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