Top Stock Gainers And Losers: IRTC +21%, GPC -21%

Top Gainers

Symbol
Company Name
Price
Change
Change %

IRTC
iRhythm Techonologies, Inc.
75.59
+13.49
+21.72%

HRI
Herc Holdings Inc. 
198.60
+29.53
+17.47%

MLI
Mueller Industries, Inc. 
82.22
+10.14
+14.07%

JOBY
Joby Aviation, Inc. 
6.18
+0.69
+12.57%

PM
Philip Morris International Inc. 
131.41
+12.45
+10.47%

Top Losers

Symbol
Company Name
Price
Change
Change %

GPC
Genuine Parts Company 
113.11
-30.01
-20.97%

PII
Polaris Inc. 
72.22
-7.97
-9.94

TGLS
Tecnoglass Inc. 
68.71
-6.96
-9.20%

GE
GE Aerospace
176.66
-17.57
-9.05%

LOGI
Logitech International S.A.
83.99
-7.82
8.52%

Today’s trading showed market movers sideways zone with less moment in stock and a slow ending by the end of the day. Here is the breakdown of how the market performed:

Nasdaq Futures: -1.60 (-0.07%)
Dow Futures: -124.00 (-0.29%)
S&P Futures: -3.25 (-0.06%)

#1 Gainer: IRTC Stock

iRhythm Technologies Inc (NASDAQ: IRTC) stock turned out to be the top gainer of the 22 Oct 2024 trading session with over 21.72% rally in one single day. The reason behind the rally in stock is FDA 510 (K) approval for the first two submissions made this year. The clearance for a design change and enhancements were done in their Zio AT device.

This approval helped the company rebuild its investors’ trust after a series of unexpected rejections from the FDA. The company is now keeping high hopes for its second 510K approval, which is expected to come in the near future.

Zio At is a device for long-term ECG monitoring for patients aged 18 or older. This device is still not considered for critical cases. This device contains a Zio AT patch, which records data for up to 14 days.

IRTC/USD 15-Minute Chart

Though IRTC gave a strong up move, looking at the stock on a weekly time frame the stock has been in the selling zone since April 22. Further talking about the opportunities, the Stock is trading near a crucial support of $56.30, which can trigger huge selling if broken.

The stock has currently been creating a zone near the support area for the last 11 weeks, which indicates buyers’ interest. Also, there is W pattern support in RSI which is again a clear indication for buyers.

Buying entry will trigger once the market breaks the $77.39 level and closes above it on a weekly time frame. With the first target of $108.25, the second at $123.34 and $139.63.

If the stock breaks $56.30 support, then the first target will be 41.26, followed by trailing stop-loss as huge selling could trigger. This entire 21.72% move could be a news-based rally.

#1 Loser: GPC Stock

Though Genuine Parts Co (NYSE: GPC) stock was in the selling zone for quite a long time, the company was unable to reach its expected target as Q3 results came out on Tuesday session, hence triggering the sharp selling.

The company has been delivering stagnant returns from the last 4 Quarters, eventually losing market move hopes from the company.

GPC/USD 15-Minute Chart

Digging deep into the Technical aspects, the stock made its last all-time high in April 2022; since then, it has been in a selling trend. Looking at the current situation on a weekly timeframe, Stock broke 3 major support levels, proving buyers’ low interest in the stock.

A rectangle channel was forming in the chart from the last 20 weeks indicating a strong hold by buyers. But the last session broke the channel downwards. 
There was support on $126.92 from which stock took support twice. 
Major Zone, which was $115.87, broke on the same day. 

More selling will trigger if the weekly candle closes below $115.87, and the seller can enter with the target of $93.95, followed by $83.10 as the second target. RSI can be seen taking support from the 30 levels; hence, closing the weekly candle is important before making any entry decision.

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