Chart of the Day: An Unrelenting Uptrend That's Not Slowing Down
Since a low for the stock in early April, it is up more than 60%.
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Stocks that power up when the rest of the market is strong show great relative strength and very little resistance to higher prices. It is often said the best trends barely give you a chance to get onboard, so it makes sense just to buy even the smallest dip whenever the opportunity arises.
Axon Enterprise AXON checks all the boxes on the highest quality rally, recently hitting an all-time high and following through with even more highs. That is power.
We are not surprised by the strength in Axon. The earnings have been stellar and it was only a matter of time before the big institutions would jump aboard this name. Since that low for the stock (and the market) in early April Axon is up more than 60% on great price action, a steady move up of higher highs and higher lows and strong volume days.
The indicators we follows are bullish too, with the parabolic SAR (stop and reverse) in the top pane just recently flipping to bullish. Money flow is terrific on the bottom pane and momentum is just getting started. With the stock so close to $1,000 we see that level being hit eventually.
We like Axon Enterprise and rate it a Two in TheStreet Pro Portfolio, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long AXON.
