The S&P 500 has fallen for the past two weeks, but there are plenty of stocks showing strength. Oil services giant SLB (SLB) is in a buy zone. Mastercard (MA) also is in a buy area, and is close to other entries. Carnival (CCL) is testing support within a new base. Arista Networks (ANET) isn’t far from a buy point following an earnings gap up. Meanwhile, KB Home (KBH) constructed a rare trading pattern.
X
The market rally is under heavy pressure, with the Nasdaq below its 50-day moving average. The S&P 500 has held that level, and many non-tech sectors are holding up. But investors should be careful.
SLB
SLB, formerly known as Schlumberger, barreled above a buy point last week, as oil prices rose for a seventh straight week, to their highest levels since last August. The oil service giant ranks second in the Oil & Gas-Field Services Group, which is led by Tidewater (TDW), according to the IBD Stock Checkup.
SLB was the Aug. 9 IBD Stock Of The Day and added to SwingTrader.
Shares broke out Aug. 9 and are trading in a buy zone, just above the 58.70 buy point for a cup-with-handle base.
SLB stock has a near-perfect 98 Composite Rating out of a best-possible 99. The Composite Rating combines various technical indicators into one easy-to-read score. Shares have an 89 EPS Rating. The stock’s relative strength line fell from January highs and has a 92 RS Rating.
Arista Networks
Cloud networking giant Arista Networks trounced forecasts for Q2 results on July 31. Arista earnings increased 46% to $1.58 per share, compared to estimates of $1.44. Revenue jumped 39% to $1.46 billion, vs. forecasts of $1.38 billion. Analysts expect Arista’s artificial intelligence network offerings to start driving growth around 2025.
ANET stock is a member of the IBD 50 list and ranks second in the Computer-Networking Group, according to the IBD Stock Checkup.
Shares vaulted past a 178.36 buy point on Aug. 1 following earnings. ANET stock has since pulled back in declining volume, closing Friday at 174.94. The moving averages are starting to catch up.
The tight action is…
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