Below are a handful of charts we wanted to highlight after browsing through our Chart Scanner tool over the weekend.
The strong rally off of oversold levels last week was a tide that lifted just about all boats. This was a sigh of relief for some individual stocks that have been breaking down recently like two of the semis, Intel (INTC) and Texas Instruments (TXN). Since the end of April, tariff talks had been hitting the semiconductor stocks hard. In INTC’s case, this also played a role in lowered guidance in the most recent earnings report on April 25th. These declines brought TXN down to the 200-DMA in addition to lows from earlier in the year and INTC all the way back down to 2018 lows. Both have found support at these levels, though, and last week’s rally was a sizeable bounce off of this support. TXN has even now managed to retake its 50-DMA. Similarly, Intuitive Surgical (ISRG) has been pretty volatile over the past year and since April has been in a short term downtrend and oversold. Last week’s price action helped to break the stock out of this downtrend.
Other stocks have been stronger in the past year and sit in longer-term uptrends. Traveler’s (TRV), for example, has been trading in a steady uptrend all year with last week’s gains bringing it to the upper end of this channel. Others like Accenture (ACN), Automatic Data Processing (ADP), American Express (AXP), and Microsoft (MSFT) have broken out to new highs. This is after all four constructively found support at their 50-DMAs. Start a two-week free trial to Bespoke Institutional to access our interactive Chart Scanner and much more.