EarningsBeats Digest

Published: Wed, 08/18/21

EarningsBeats.com Digest for August 18, 2021

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Tomorrow, August 19th at 5:30pm EST

Join Chief Market Strategist Tom Bowley tomorrow, Thursday, August 19th, as he unveils his "Top 10 Stock Picks" within our 4 portfolios: Model, Aggressive, Income, and Strong Accumulation/Distribution (AD). That's 40 stocks in all! Tom will also explain the methodology that he uses when selecting his top picks that are meant to be held for the subsequent 90 days.

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Using the 20-Day EMA as Key Support

Recently, we updated our Strong AD ChartList (SADCL), which is a ChartList that organizes companies whose stock appears to be under strong accumulation given the strength of its AD line. Also recently, I discussed the seasonal strength of industrials (XLI) as we head into the next few months. So I suppose it makes sense to look for industrial stocks on the Strong AD ChartList as possible trade candidates. One such candidate is Technoglass (TGLS), which has moved lower for 5 straight days, but today reversed to close above its 20-day EMA after trading below that key moving average intraday:

From the above chart, it's fairly easy to conclude that TGLS has been a leading stock in a very strong industry group - building materials & fixtures ($DJUSBD). After a 2-month period of consolidation in June and July, TGLS broke out to news highs again earlier in August. Just a week ago, TGLS reached an all-time intraday high of 126.00 on August 10th. We've since seen 5 days of selling, culminating on Tuesday with a test of its 20-day EMA, currently at 21.09. Tuesday's intraday low was 20.65 before reversing and finishing at 21.42. Over the next several weeks, at a minimum, I'd be looking for TGLS to turn higher again and test its recent price high at 26.00. That's more than 20% higher from Tuesday's closing price.

Happy Trading!

Tom Bowley
Chief Market Strategist

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