Our Chart Scanner tool offers an effective and convenient way to quickly scan through a large number of stocks and ETFs to search for potential opportunities.  Panning through the S&P 500 Technology Sector, there are a number of attractive chart patterns forming.  Starting with Analog Devices (ADI), the stock has been on a tear this year rising from just barely over $80 in the first days of January all the way up to $112.55 today; around a 30% gain.  At its current levels, the stock is eying a breakout following a pullback and a nice bounce off of the 50-DMA.  Going forward, that moving average is likely to continue to act as support. Similarly, Akamai Tech (AKAM) is breaking out above prior highs established during the late 2018 sell off after it too found support at the 50-DMA.

While most stocks have long broken out of their downtrends that had begun in late 2018, two stocks — Juniper Networks (JNPR) and F5 Networks (FFIV) — have more or less been holding onto those trends for dear life.  These two have been unable to press above their downtrend lines up until recently when they not only managed to break out but also came back to bounce off of these downtrend lines.  JNPR also managed to take out the 200-DMA in the process.

Staying on the topic of moving averages, Western Digital (WDC) is seeing some interesting trading bouncing between its upward sloping 50-DMA and downward sloping 200-DMA. In the past few days, the stock has made a higher low near the upper end of this shrinking range, and a close above the 200-DMA would certainly be a positive sign of a move out of this consolidation.

While WDC is looking to make its final push up to resistance, there are four other stocks that are in interesting positions in regards to resistance.  A few, like ANSYS (ANSS), Gartner (IT), and Texas Instruments (TXN) have already taken out initial resistance in what has been a strong rally this year.  Looking forward for these three, the next levels to watch are their 52-week highs. For ANSS, this will actually be the third time the stock has come up to test these levels around $190.  Others are still some distance away from 52-week highs like Skyworks Solutions (SWKS).  SWKS is currently breaking out of consolidation to the upside with the next resistance to watch around $89.50.
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