Chart of the Day: This Tech Name Could Explode Higher After Earnings
The stock has been moving sideways but looks ready to produce higher prices.
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Arista Networks (ANET) will deliver earnings on Thursday after the close and while the stock is in a minor uptrend the enthusiasm seems muted.
That makes total sense, as recent tech names have been bludgeoned after sharp rises into the print. For its part, Arista is simply in a range but near the higher end of it. Candles are now blue, which tells us "bullish trend" on the GoNoGo composite of indicators.
However, other secondary indicators are not as supportive and not telling us the stock is in a position to move higher. MACD is flattening out, the ADX (pane four) is losing its momentum while money flow is weak. Parbolic stop and reverse (SAR) remains bearish and serves as strong resistance.
Could this stock really explode higher? Yes, it could, but we may not see that happen right away and only after investors have had a chance to review the numbers and guidance. Upside potential to $150 is certainly an achievable target.
We like Arista Network in TheStreet Pro Portfolio and rate it a one, buy at anytime.
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At the time of publication, TheStreet Pro Portfolio was long ANET.
