Michael Nagle/Bloomberg
The coming week is likely to bring a higher S&P in volatile trading. Here are stocks that are highly rated in the Cycles Research screens. The screening process was applied to the highest free flow cash generators.
Shopify is ranked fifth in current relative strength and fifteenth in seasonal strength. The daily, weekly, and monthly graphs show that relative strength has been rising. The monthly strip shows that momentum is not nearly overbought.
The stock is in the seasonal April to August period of strength based upon only eight years of price history. From June 29th to August 3rd, the stock has risen over 80% of the time. The shares are likely to challenge the $70 per share level.
Shopify Daily Graph
The technical picture is strong.
Shopify Monthly Histogram
This is a seasonally strong period.
Shopify Monthly Graph
The cycle suggests a September top.
Palo Alto Networks is also highly rated. Technically, the share price has recently hit a new high. In the weekly strip, price broke out of a triangle that points to higher prices. Monthly, momentum remains oversold despite the rally.
The monthly histogram shows a favorable seasonal period. The monthly cycle points to a high in January at the earliest. Near-term, the shares are likely to reach $270 by late July.
Palo Alto Networks
PANW
This technical picture points to higher prices.
Palo Alto Networks Monthly Histogram
Seasonal strength is a plus.
Palo Alto Networks Monthly Cycle
The cycle does not top until 2024.
Source: https://www.forbes.com/sites/greatspeculations/2023/06/26/stocks-this-week-buy-shopify-and-palo-alto-networks/