Chart of the Day: This Holding Presents Another Excellent Buying Opportunity
The stock has fallen to long-term support as the dip buyers take a serious look at it.
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Buying the dips in high-quality stocks is how the long-term investor makes money. These opportunities come from time to time and if you're aware, motivated, cash-ready and savvy then those chances can be taken. A little luck helps too, but the definition of luck is where preparation meets opportunity.
Such is the case currently with Arista Networks (ANET) , a multi-layer network switching company for data centers, high-frequency trading companies, high-performance computing and cloud computing. The company recently reported earnings that might have been considered a disappointment based on their forecast. Arista posted strong earnings but guided conservatively as usual.
The stock's recent pullback to the 100-day moving average presents a nice dip-buying opportunity. While the indicators, such as the moving average convergence divergence (MACD) and Chaikin money flow are bearish, we should note the longer-term uptrend remains intact, and we recently added shares on the dip and here as well. Recent moves down to support levels have been bought aggressively.
Don't wait too long to add Arista, the chance may soon be gone. We like this stock in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
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At the time of publication, TheStreet Pro Portfolio was long ANET.
