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Swing Idea

$20+|20%+ Wk Wednesday 8/21/2024

By WaveRider AI4 min read

Overall Sector and Industry Analysis:

DateTime Range Analyzed:

The analysis is based on stock data from 2024-08-21 including the time range 13:30 PM to 18:30 PM EST.

Commentary on Overall Sector and Industry Performance:

The stocks analyzed span various sectors and industries, and it’s essential to look at the broader trends across these categories:

  • Technology Sector: Stocks like ADBE, ASML, and AMDL showed stable price movements, with some showing slight upward momentum. High volume was noticed, indicating active trading interest.
  • Healthcare/Biotech: Stocks such as LLY, PRCT, and RXRX displayed mixed results, some moving higher while others fluctuated within a range, showing consistent volume.
  • Consumer Discretionary/Retail: Stocks, particularly ULTA and TGT, demonstrated minimal volatility with minor variances in their prices, suggesting stability in current market conditions.
  • Industrial Goods and Services: Companies like DE and URI showed subtle movements; the volume here was relatively lower compared to other sectors, signifying less trading activity.
  • Semiconductors and Equipment: Stocks like ASML, LITE, and KLAC showcased steady performances with slight upward or downward movements, which could be attributed to the broader tech sector trends.
  1. Stable Upward Momentum: Stocks like ADBE, ASML, and TSLA displayed consistent support at higher levels, indicating possible continued upward momentum.
  2. High Volume Spikes: Increased trading in stocks such as PRCT and RXRX indicates potential breakout or breakdown areas.
  3. Consolidation Patterns: Several stocks including ULTA, TGT, and LLY were in tight consolidation indicating potential explosive moves once they break from current levels.

Ticker Performance Prediction:

Likely to Go Up in the Next 2-3 Days:

  • ADBE: Consistent higher support and increasing volume.
  • ASML: Shows steady climb with strong volume support.
  • PRCT: Positive momentum and high trading volume, suggesting accumulation.
  • RXRX: Upward trends with significant volume spikes.
  • LILU: Stable support levels indicating less downside risk.

Stocks Showing Strong Bullish Signals:

  • ADBE: After reviewing the volumes and price data.
  • PRCT: Significant bullish volume and closing high in price ranges.
  • RXRX: Continual upward move with high sustained volumes.

Individual Stock Analysis:

ADBE (Adobe Inc.):

  • Support Levels:

    • $563.27
    • $565.87
    • $566.44

  • Resistance Levels:

    • $565.70
    • $565.79
    • $565.83

  • Price Action Prediction:
    Based on the 30-minute chart, expect ADBE to continue its consolidation between $563.69 and $565.87 with possibilities of breaking above $565.87 leading to $566.44.

  • Price Targets (1-3 Day Swing):

    • Near-term: $566
    • Mid-term: $570
    • Long-term: $575

  • Entry Points:
    Near $563.27 for low-risk entries.

  • Stop-Loss Levels:
    Close below $562.84

  • Chart Visualization:
    [](https://www.finviz.com/quote.ashx?a=117036537&t=ADBE)

    [](https://www.finviz.com/quote.ashx?a=117036537&t=ADBE) [<iframe src="https://app.waverider.ai/embed/ticker/ADBE?signal_date=2024-08-21&amp;theme=dark" width="100%" height="400" frameborder="0" loading="lazy" title="ADBE Chart"></iframe>](https://www.finviz.com/quote.ashx?a=117036537&t=ADBE)[Open full analysis on WaveFinder →](https://app.waverider.ai/ticker/ADBE?utm_source=blog&utm_medium=chart-embed&utm_campaign=wavefinder-signup)

ASML:

  • Support Levels:

    • $940.08
    • $936.90
    • $940.57

  • Resistance Levels:

    • $943.61
    • $945.05
    • $947.23

  • Price Action Prediction:
    ASML is set to challenge upper resistances. Look for breaks above $943.61 for a continued rise.

  • Price Targets (1-3 Day Swing):

    • Near-term: $945
    • Mid-term: $950
    • Long-term: $955

  • Entry Points:
    Around $940.08.

  • Stop-Loss Levels:
    Close below $939.50.

  • Chart Visualization:
    [](https://www.finviz.com/quote.ashx?a=117036537&t=ASML)

    [](https://www.finviz.com/quote.ashx?a=117036537&t=ASML) [<iframe src="https://app.waverider.ai/embed/ticker/ASML?signal_date=2024-08-21&amp;theme=dark" width="100%" height="400" frameborder="0" loading="lazy" title="ASML Chart"></iframe>](https://www.finviz.com/quote.ashx?a=117036537&t=ASML)[Open full analysis on WaveFinder →](https://app.waverider.ai/ticker/ASML?utm_source=blog&utm_medium=chart-embed&utm_campaign=wavefinder-signup)

PRCT:

  • Support Levels:

    • $83.32
    • $83.50
    • $83.93

  • Resistance Levels:

    • $84.50
    • $85.00
    • $85.50

  • Price Action Prediction:
    Momentum suggests possible pushes to test $85 in the immediate terms.

  • Price Targets (1-3 Day Swing):

    • Near-term: $84.50
    • Mid-term: $85.50
    • Long-term: $87

  • Entry Points:
    Around $83.50.

  • Stop-Loss Levels:
    Close below $83.30.

  • Chart Visualization:
    [](https://www.finviz.com/quote.ashx?a=117036537&t=PRCT)

    [](https://www.finviz.com/quote.ashx?a=117036537&t=PRCT) [<iframe src="https://app.waverider.ai/embed/ticker/PRCT?signal_date=2024-08-21&amp;theme=dark" width="100%" height="400" frameborder="0" loading="lazy" title="PRCT Chart"></iframe>](https://www.finviz.com/quote.ashx?a=117036537&t=PRCT)[Open full analysis on WaveFinder →](https://app.waverider.ai/ticker/PRCT?utm_source=blog&utm_medium=chart-embed&utm_campaign=wavefinder-signup)

RXRX:

  • Support Levels:

    • $7.60
    • $7.62
    • $7.65

  • Resistance Levels:

    • $7.65
    • $7.70
    • $7.80

  • Price Action Prediction:
    Consistent uptick in price with strong support indicates further rises might test $8.

  • Price Targets (1-3 Day Swing):

    • Near-term: $7.80
    • Mid-term: $8.00
    • Long-term: $8.20

  • Entry Points:
    Around $7.60.

  • Stop-Loss Levels:
    Close below $7.60.

  • Chart Visualization:
    [](https://www.finviz.com/quote.ashx?a=117036537&t=RXRX)

    [](https://www.finviz.com/quote.ashx?a=117036537&t=RXRX) [<iframe src="https://app.waverider.ai/embed/ticker/RXRX?signal_date=2024-08-21&amp;theme=dark" width="100%" height="400" frameborder="0" loading="lazy" title="RXRX Chart"></iframe>](https://www.finviz.com/quote.ashx?a=117036537&t=RXRX)[Open full analysis on WaveFinder →](https://app.waverider.ai/ticker/RXRX?utm_source=blog&utm_medium=chart-embed&utm_campaign=wavefinder-signup)

LULU:

  • Support Levels:

    • $265.63
    • $265.68
    • $265.80

  • Resistance Levels:

    • $265.88
    • $265.90
    • $266.00

  • Price Action Prediction:
    Consolidation indicates a steady move likely testing $266 before breaking out.

  • Price Targets (1-3 Day Swing):

    • Near-term: $266.00
    • Mid-term: $267.00
    • Long-term: $268.50

  • Entry Points:
    Around $265.68

  • Stop-Loss Levels:
    Close below $265.50.

  • Chart Visualization:
    [](https://www.finviz.com/quote.ashx?a=117036537&t=LULU)

    [](https://www.finviz.com/quote.ashx?a=117036537&t=LULU) [<iframe src="https://app.waverider.ai/embed/ticker/LULU?signal_date=2024-08-21&amp;theme=dark" width="100%" height="400" frameborder="0" loading="lazy" title="LULU Chart"></iframe>](https://www.finviz.com/quote.ashx?a=117036537&t=LULU)[Open full analysis on WaveFinder →](https://app.waverider.ai/ticker/LULU?utm_source=blog&utm_medium=chart-embed&utm_campaign=wavefinder-signup)

By paying close attention to these support and resistance levels, swing traders can identify optimal entry and exit points, enhancing the likelihood of profitable trades in the upcoming 1-5 days.