4 Bullish stocks and 2 Bearish stocks to watch out for – BofA

BofA Analyst Stephen Suttmeier presented insight into six stocks in a note.

Bullish stocks:

• Broadcom (AVGO) – The stock in on a “bullish triangle breakout” watch, he said. “. A decisive push above 170-173 would confirm the triangle and favor upside above the late June high of 185 toward the pattern count at 214.”
• Lowe’s (LOW) – The stock has a big base breakout potential. Lowe’s “has the potential for a bullish turn in trend relative to the S&P 500 (SP500) after reclaiming broken support going back to late 2021,” Suttmeier said.
• Palantir (PLTR) – This stock is also forming a big base breakout. “The immediate pattern is bullish above this week’s upside gap at 32.47-31.58, but holding the 30 to 27.50 range keeps this big breakout intact.”
• Ross Stores (ROST) – The stock has seen breakouts from two bullish patterns, “a March into August ascending triangle and a mid-2021 into late 2023 big base,” which suggest further upside to 175-178, Suttmeier said.

Bearish stocks:

• Ferguson (FERG) – The stock is risking a break down from a “double top,” he said. “A decisive break below 187-183 would confirm this bearish setup and suggest risk to 171-169, and then toward 150.”
• Charles Schwab (SCHW) – The stock is also at risk of a bearish breakdown that would complete a mid-July into mid-September bearish consolidation pattern, Suttmeier said. “A decisive loss of 61 would confirm this two-month bearish continuation pattern to suggest deeper downside risk to 50-48, and potentially 46-45.”