US Technical Analysis Report

2 Stocks Trading in a Positive Territory as Russell 3000 Soared from the Lower Levels – OI, ATIP

May 27, 2022 12:00 AM PDT

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started on a positive note and continued the momentum. The index made a high of 2354.83 during the week and settled at 2345.23 with a week-to-date (WTD) gain of ~3.94% percent on May 26, 2022. Other major indices such as S&P 500 and NASDAQ Composite also recovered sharply during the week. On May 26, 2022, the S&P 500 index settled at 4057.84 with a WTD gain of ~4.01 percent and the NASDAQ Composite Index settled at 11740.650 with a WTD gain of ~3.40 percent.

As per the U.S. Department of Labor, the initial jobless claims numbers declined to 210,000 from 218,000 (unrevised level) in the prior and supported the positive movement.

Having understood the US market performance over the week, taking cues from major global news, and based on our technical analysis of the Russell 3000 index for the upcoming week, now let us have a look at the two NYSE/ NASDAQ listed stock picks from the technical standpoint. Noted below are our recommendations based on generic insights, entry price, target prices, and stop-loss for O-I Glass, Inc. (NYSE: OI) and ATI Physical Therapy, Inc. (NYSE: ATIP) for the next 2-4 weeks duration:

O-I Glass, Inc. 

O-I Glass, Inc. (NYSE: OI) is a glass container product manufacturer in the Americas and Europe. Noted below are the key price indicators for the stock:

Price Action Analysis (on the Weekly Chart)

OI has recently broken a crucial resistance level of USD 15.00 and trading above the breakout level, indicating the possibility of further upside movement. The recent upside movement in the stock is backed by increasing volumes as well, supporting a positive bias. Now the next major resistance level for the stock appears at USD 18.00 and prices may test this level in the short-term (2-4 weeks). A further movement above USD 18.00 may extend buying in the stock.  

Technical Indicators Analysis (On the Daily Chart)

On the daily chart, the leading indicator RSI (14-period) is showing a reading of 66.25, indicating a positive momentum build-up at the current levels. Prices are trading above the trend-following indicator 21-period SMA and 50-period SMA, further supporting an up-move.

General Recommendation

As per the above-mentioned price action and technical indicators analysis, we can conclude that O-I Glass, Inc. is looking technically well-placed on the chart, and we have a ‘Speculative Buy’ rating on the stock. Investment decision should be made depending on an investors’ appetite on upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. The summary of our recommendation is as follows:

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

ATI Physical Therapy, Inc.

ATI Physical Therapy, Inc. (NYSE: ATIP) is a healthcare company that provides outpatient physical therapy in the United States. Noted below are the key price Indicators for the stock: 

Price Action Analysis (on the Daily Chart)

ATIP has started to recover from the lower levels after the formation of a bullish engulfing pattern on the lower levels and recently broken a crucial resistance level of USD 1.93, indicating the possibility of further upside movement in the stock prices. Now the next major resistance level for the stock appears at USD 2.40 and prices may test this level in the short-term (2-4 weeks). A further movement above USD 2.40 backed by volumes may extend buying in the stock.

Technical Indicators Analysis (On the Daily Chart)

On the daily chart, the leading indicator RSI (14-period) is showing a reading of 64.79, indicating a positive momentum build-up at the current levels. Prices are trading above the trend-following indicator 21-period SMA and 50-period SMA, further supporting an up-move.

General Recommendation

As per the above-mentioned price action and technical indicators analysis, we can conclude ATI Physical Therapy, Inc. is looking technically well-placed on the chart, and we have a ‘Speculative Buy’ rating on the stock. Investment decision should be made depending on an investors’ appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. The summary of our recommendation is as follows:

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Upcoming Major Global Economic Events

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Disclaimer

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