Commentary: The crypto market remains in an uptrend. GBTC is up 1.4% this week, building on momentum after breaking out of a stage
four flat base on July 10. Support levels: its 21-DMA ($89.22), followed by its 50-DMA ($86). GBTC has a strong RS Rating of 91 and an
Acc/Dist Rating of B. We recommend investors add risk in Bitcoin and the crypto ecosystem.
Author: Romeo Alvarez
Romeo Alvarez is a senior equity analyst at William O’Neil + Co., a registered investment advisor serving 400 top-performing institutional portfolio managers worldwide. The firm employs 150 associates in Los Angeles, New York, Boston, and London.
Based in the firm’s Los Angeles office, Mr. Alvarez is a senior equity analyst covering the Americas region and a member of the Global Focus List Committee, which approves all equity recommendations for developed, emerging, and frontier markets. Romeo also selects equity initiations to be covered in the Technology sector and regularly reports to clients on innovation and technology developments in Trend Watch.
Mr. Alvarez earned a B.S. in Business Economics from the University of California, Riverside, and an MBA with a focus in Finance from Loyola Marymount University, Los Angeles.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index declined 2.1% last week, and breached its 100-DMA on above-average volume. The index was downgraded to a Downtrend from an Uptrend Under Pressure. We recommend investors avoid adding risk in Brazilian equities.
- Mexico’s main benchmark fell 0.6% past week and continues to trade below the 50-DMA. It is trading 6% off highs. The index was shifted to a Rally attempt from a Downtrend on July 17. We recommend investors avoid adding risk in Mexican equities.
- The total number of Focus List stocks in the LATAM region is three. Cury Construtora (CCE.BR; CURY3 BZ) is forming a flat base, with a pivot of BRL 31.31.
- Stocks of interest: Cyrela Brazil Realty (3CY.BR; CYRE3:BZ), Gentera (CSV.MX; GENTERA*:MM), Fibra Uno (FUN.MX; FUNO11:MM) and Falabella Saci (FAL.CL; FALAB:CI). Additional ideas are listed in page 2.
O’Neil TMT Weekly
Software (IGV): The software benchmark gained 3% last week and is emerging from a stage-one cup-with-handle base. The IGV is near
its all-time high, with support at its rising 10-DMA ($110). Quantitative metrics have turned constructive over the last week, with Acc/Dist
Rating turning positive again and Up/Down Volume ratio rising above 1. Ideas that are either setting up or in the actionable range include
BSY, NTDOY, PEGA, SHOP, TOST, and TWLO. Multiple groups are ranked favorable across the O’Neil 197 industry groups, led by
Gaming (#19, RBLX), Security (#26, CRWD), and Medical (#27, VEEV). We recommend that investors focus on ideas with a rising RS line
that are holding above their key moving averages.
O’Neil Global Cryptocurrency Weekly
Commentary: The crypto market remains in an uptrend. GBTC has gained 1% this week and is trending constructively above its short-term
moving averages after breaking out of a stage-four flat base (pivot: $88.36). Support levels: 21-DMA ($87.14), followed by its 50-DMA ($85). GBTC has a strong RS Rating of 92 and an Acc/Dist Rating of B+. We recommend adding risk in Bitcoin and the crypto ecosystem. Refer to the tables below for actionable names.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index declined 3.6% last week and breached support along its 50-DMA. The index remains in an Uptrend Under Pressure with seven distribution days. We recommend investors selectively add risk in Brazilian equities.
- Mexico’s main benchmark declined 2.4% last week and continues to trade below its 50-DMA. The index was downgraded to a Downtrend from an Uptrend Under Pressure. We recommend investors avoid adding risk in Mexican equities.
- Embraer (EA3.BR; EMBR3 BZ) was removed from the Focus List last week, taking the total number of Focus List stocks in the LATAM region to three.
- Stocks of interest: Promotora y Operadora de Infraestructura (TRC.MX; PINFRA* MM), Grupo Comercial Chedraui (CHD.MX; CHDRAUIB MM), Gentera (CSV.MX; GENTERA* MM), Megacable (MGA.MX; MEGACPO MM) and Cia. De Saneamento de Minas Gerais (CD3.BR; CSMG3 BZ). Additional ideas are listed on page 2.
O’Neil TMT Weekly
Software (IGV): The software benchmark declined ~3%, it breached its 21-DMA ($108) followed by the next level of support at the
rising 50-DMA ($104). Overall, the IGV is 4% off highs from a 29-week consolidation. Quantitative metrics have turned mixed over the
last week, with Acc/Dist Rating turning negative and Up/Down Volume ratio at 1. Most ideas have pulled back but only a few remain
near pivot including BSY and CDNS. We recommend that investors focus on ideas with a rising RS line that are holding above key
moving averages.
O’Neil Global Cryptocurrency Weekly
Commentary: The crypto market remains in an uptrend. GBTC has gained 4% so far this week and is breaking out of a stage-four flat base
with a pivot of $88.36. Support levels: 21-DMA ($84.91), followed by its 50-DMA ($83). GBTC has a strong RS Rating of 93 and an Acc/Dist
Rating of B-. We recommend adding risk in Bitcoin and the crypto ecosystem.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
Brazil’s Bovespa index rose 3.2% last week and hit a new 52-week high. The index was shifted to a Confirmed Uptrend from an Uptrend Under Pressure. We recommend investors add risk in Brazilian equities
O’Neil TMT Weekly
Software (IGV): The software benchmark jumped 3% last week to an all-time high and broke out of a stage-two consolidation base.
Quantitative metrics remain constructive over the last week, with Up/Down Volume ratio above 1 and a positive Acc/Dist Rating, indicating
accumulation. Ideas that are either setting up or in the actionable range include ADSK, CDNS, DDOG, NOW, PANW, and PEGA. We
recommend that investors focus on ideas with a rising RS line that are holding above key moving averages.
O’Neil Global Cryptocurrency Weekly
Commentary: The crypto market remains in an uptrend. GBTC has gained 3% this week and is forming a stage-four cup base with a pivot of
$88.36. Support levels: 21-DMA ($83.83), followed by the 50-DMA ($81.70). GBTC has a strong RS Rating of 93 and an average Acc/Dist
Rating of C+. We recommend investors add risk in Bitcoin and the crypto ecosystem.
