$APPS - Once again poised for a break upward. Disclaimer: I have been long on $APPS since around August of 2020, accumulating shares on pullbacks recently and I now hold 200 shares. I am not a financial advisor, nor is this financial advice.
~
- After a killer earnings report sending the stock flying a few weeks ago, the gap has been filled and a break again upwards seems to be on the verge of happening once again. The stock seems to have entered a new channel range using its previous channel as new-found support.
- Additionally, a recent descending wedge (often bullish) seems poised to be broken out of, possibly as soon as tomorrow, which can send the stock bouncing rapidly to the upside and potentially hitting the upper threshold of its new channel range thus breaking ATHs as well.
- I have accumulated more shares after the company's recent earnings report at $85, $75, $67, and again this morning at $79/share completing my position for the short-term with 200 shares. My short-term price target is $100 where I plan to sell 10-20% of the position and potentially reload on a pullback in the event the upper threshold of the new channel I've drawn is not broken.
- Technicals aside, this is a great company to be invested in with a very solid business model in my honest opinion. I enjoy swing trading the stock due to its volatility, but it is a fantastic long-term hold.
Have a great day/evening everyone and happy trading!
- Sean J.
