EarningsBeats.com Digest for August 6, 2021
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Waiting On That Post-Earnings Pull Back
Trying to time entry into a stock that you really want to buy isn't easy. Sometimes a stock reports great results and simply takes off (think AMD). Other times, however, a company reports solid results, breaks out, but then later retreats to the "scene of the crime". Molina Healthcare, Inc. (MOH) is one of those stocks. Granted, it's in a difficult industry - health care providers ($DJUSHP) - as this group has been downtrending vs. the
S&P 500 and just reached a 5-month relative low. Nonetheless, MOH is a leader among its industry and recently broke out with earnings on well-above-average volume:
There are three key levels to watch to the downside. First up is price support, which was prior price resistance near 269. If that fails to hold on this pullback, look to the rising 20-day EMA, currently at 263.31 (tested on Thursday). Finally, if the other two support levels fail to hold, there's trendline support that intersects close to 255 right now. There's no doubt that MOH would benefit from a bit of short-term relative strength in
its industry, but up until now, it's done fairly well on its own, despite a very weak peer group.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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