Many investors and traders might be cutting out early ahead of the holiday weekend, but the stock market definitely isn’t. The S&P 500 spent Thursday making a run at 2,100, and a number of big-name stocks are flashing interesting charts as a result.
Today, we’re taking a look at Intel Corporation (NASDAQ:INTC), Netflix, Inc. (NASDAQ:NFLX) and Under Armour Inc (NYSE:UA).
Intel Corporation (INTC)
INTC shares are making a technical move worth noting, as the stock has now completed a move above its respective 50- and 200-day moving averages over the last three trading sessions.
Intel shares have spent much of the last three months consolidating in a tight trading range with an upper bound of $32.50. Yesterday’s move took the stock back toward its recent highs of $33.
A move above this level is likely to confirm that the chip company is ready to set course for higher prices, with newly forged support from the same trendlines it has just broke above.
Watch for the $32 level to act as support to confirm that the technical rally is now under way for INTC shares.
Netflix, Inc. (NFLX)
Netflix’s attempts to expand into China are getting the stock’s bulls a little excited, but the recent trading range is enough for technical traders to take note. NFLX stock just posted another short-term bottom at the $85 level, the second in as many months.
The upper bound of this range sits at $104, meaning that nimble traders have a 20% range to play with in terms of short-term trading. There will be signs of some signs of resistance at the $93.60 level from the confluence of the stock’s 20- and 50-day moving averages, but for now, it appears that momentum is likely to carry Netflix shares over this hurdle.
On a non-technical note, NFLX stock was just initiated as a “Buy” at Canaccord Genuity this morning with a $120 target price, which will also help garner some buying interest in Netflix over the short-term.
Under Armour Inc (UA)
UA shares surged above their critical 50-day moving average in yesterday’s trading. This is the first time Under Armour’s price has held above this key technical trendline since early May when the stock went through a “sell the news” cycle after its earnings report.
UA is beginning to show signs that growth investors are picking the shares up as a relative value as volume has been on the rise during the recent rally. In addition, call volume on the stock has been increasing, suggesting that the “smart money” is beginning to forecast higher prices for the sports apparel manufacturer.
The shares will see some resistance at the $42 level from its declining 200-day moving average, a scant 5% from the current prices. Expect to see some consolidation, but for the shifting trend to continue to favor the upside for UA.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.
