Chart of the Day: Beat-and-Raise Holding Rewards Our Faith
We tried to tell you the drop in early July was a huge mistake by the market, which happens from time to time.
You're reading 0 of 1 free page.
Register to read more or Unlock Pro — 50% Off Ends Soon
Oh, this past week was delightful for our portfolio, especially since the huge beat and guidance raise from Axon Enterprise AXON lifted the stock more than 13% the following day.
You may recall this article from when the stock was pounded by nearly 9% for no particular reason.
We did not flinch, and even added more shares a couple weeks later at much lower prices than current levels. Our timing could not have been better, and as a result we cashed in some our chips this past week, selling some shares with the stock right near all-time highs. We only wish our timing in/out was this good each trade, but we'll take this one.
The technicals for Axon could not be better. A huge gap up this past week, the lower end of it continues to hold firm. That is uber bullish. MACD is on a strong buy signal and stochastics (momentum) is now overbought. If it stays there we'll be in a "buy the dip" condition, and we know what that means!
Money flow (bottom pane) is back to bullish and candles are blue again which tells us "bullish" on the GoNoGo composite of indicators. Next stop could be $900 and then even higher.
We like Axon Enterprise in TheStreet Pro portfolio and rate it a two, or "stockpile on pullbacks."
More Pro Portfolio
- We're Adding to 3 Holdings After Recent Weakness
- Weekly Roundup: Trading Opportunistically as S&P Continues Hitting Record Levels
- Going Gray Online in China, AI on the Menu, KitKat Costs and More News for Investing
At the time of publication, TheStreet Pro Portfolio was long AXON.
