EarningsBeats.com Digest for March 10, 2021
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Beware A Top That Looks Like This
Let me first say that Digital Turbine (APPS) has been one of the best software stocks over the past few years. The upside move and the accompanying volume have been phenomenal. It's difficult to bet against a company that Wall Street so dearly loves. But since the beginning of March, we've seen growth stocks take a back seat to value stocks and APPS has been cast aside like so many other promising young companies. On March 1st, APPS
closed at 94.74 and was on the verge of another huge breakout. But on March 2nd, the tide reversed and APPS closed at 93.02 after touching an intraday high of 102.56:
Check out the PPO. The declining pink line shows a much lower PPO had accompanied that false breakout, resulting in a slight negative divergence. You have to respect a reversal like this with momentum so weak. APPS lost 40% from that March 2nd intraday high to the 61.92 close on March 8th. It turned almost perfectly off of channel
support just above 60.00. The slope of the channel was determined by the multiple highs in August, October, February. It was importantly technically to see APPS rebound on Tuesday and close back above its 50 day SMA. Another close below Monday's finish would be quite bearish.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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