EarningsBeats Digest

Published: Wed, 04/20/22

EarningsBeats.com Digest for April 20, 2022

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Hey Bulls, The Ball Is In Your Court

Generally, I like to trade stocks that are trending. I like to see higher highs and higher lows. Once that series breaks, then you can be fairly confident that the trend has ended. But there are plenty of stocks that simply meander back and forth within a well-identified consolidation period. That's the case with Ball Corp (BLL), which was a leader in the containers & packaging industry ($DJUSCP) until early March. It has since downtrended vs. its peers, but has reached a key relative support level, in my view:

BLL is now testing both key absolute price support and relative price support. How it performs from here will tell us a lot about its future direction. There's one thing to note and that's to avoid paying much attention to the key moving averages. This is a perfect example of how a consolidating chart moves back and forth, above and below both the 20-day EMA and 50-day SMA. BLL is a trendless chart. Still, I count 4 separate occasions where BLL has traded down to or just below 85.50 without a single close beneath it. Therefore, I'd consider BLL a buy at this price support level until proven otherwise.

Happy Trading!

Tom Bowley
Chief Market Strategist

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