EarningsBeats.com Digest for October 27, 2021
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This Breakout is Almost a Thing of Beauty
e.l.f. Beauty (ELF) appeared to have broken out on Tuesday, clearing the triple top in place from previous highs in April, August, and September. Its daily PPO is now accelerating away from its centerline and we've seen the stock break out vs. its personal products ($DJUSCM) peers. It's also broken out relative to the S&P 500, despite the
fact that its peers have been horrific vs. that benchmark. Finally, volume accelerated to confirm the breakout. Here's the chart:
So what could possibly be the problem here? Everything looks great. Well, it's not shown on this 1-year chart, but ELF's all-time candle body high is 31.90 and its all-time intraday high is 32.54. Tuesday's candle body and intraday highs came up a bit shy of both those numbers, which were established in late 2016. While Tuesday's 2021 breakout is certainly a step in the right direction, ELF has a bit more technical work to do in order to
break out to an all-time high prior to its quarterly earnings announcement on November 3rd.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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