Chart of the Day: This 'Diplomat' Has a Good Look
The chart is strong as this new addition tests support.
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When we see the chart of Credo Technology (CRDO) , which is part of Pro Portfolio's EPS Diplomats basket, the move this stock has made from June to current levels is stunning. A nearly 100% gain, and after pulling back recently to a strong layer of support which seems solid, the stock seems ready to push back up towards those old highs.
Of course, Credo may stall after a rebound and then we might be stuck in tight consolidation for some period of time, which won't be horrible. In fact, momentum is pointing down, the stochastics are weak, and the ADX is flat, which means the stock is not trending at the moment. The moving average convergence divergence (MACD) has been on a sell signal since Credo fell through the first layer of support about eight days ago.
Money flow is weak right here, but with the price flirting with the 100-day moving average we'll see if there are some buyer down here.
We include Credo in the EPS Diplomats basket, so there is not a rating on the name.
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At the time of publication, TheStreet Pro Portfolio was long CRDO.
