EarningsBeats.com Digest for July 23, 2021
|
Upcoming Earnings ChartList
Our ChartLists for this week's upcoming earnings are now available. You can access them by clicking below. If you like what you see, consider becoming a NO COST 30-day trial member with us to receive access to our
member exclusive ChartLists.
Call It A Gut Feeling, But This Technology Stock Looks Ready To Soar
I've been following the stock market for a long, long time. Sometimes fundamental data makes it seem like the next move is inevitable. Other times, I look at the chart and technical conditions are downright strong. And then there's the third situation where my gut feeling says to buy. Logitech Intl (LOGI) made a massive push to the upside from mid May through early June, rising from just beneath 100 to 140, a 40% rise in just 4 weeks.
We've since seen LOGI pull back to recent support levels from 117 to 120, and it could be fitting into that "gut feeling" category:
Nothing ever provides us any guarantees, so we want to make sure we keep our stops in place. But as LOGI has fallen back from 140 to 117, note that the AD line made new highs. It certainly seemed as if institutions were buying the stock, even during its recent selloff. I realize I might be stretching a bit, but computer hardware ($DJUSCR) has been on fire the past 6-7 weeks. LOGI's recent selling has been on moderate volume and I still
believe accumulation is taking place. Again, we want to be prudent in keeping key stops in place, but I believe the big rise back in May is foreshadowing a huge upcoming earnings report for LOGI. Near-term, we should consider any drop beneath 115 as a great big caution flag, though I believe that last Friday's low holds for the near-term.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
|
|
|
