by Shane Ormond
On May 21, 2020
Target reported that online sales on an average day in April exceeded last year’s Cyber-Monday sale, because if you’re not going to buy a Cuisinart Perfectemp 14 Cup Programmable Coffee Maker at the end of the world, when are you gunna buy one?
On Friday, we looked at a Daily Price Chart with the 12/26/9 MACD indicator for Arcturus Therapeutics Ltd. noting the stock’s bullish momentum.
Today’s Chart of the Day is for Bandwidth, Inc. (NYSE: BAND).
Bandwidth Inc. operates as a cloud–based software–powered communications platform–as–a–service (CPaaS) provider in the United States. The company operates in two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile applications or connected devices. The company also provides SIP trunking, data resale, and hosted voice over Internet protocol services.
The Daily Price Chart below shows that BAND has traded in a clear bullish pattern of higher highs and higher lows since mid–March.
Track the Price Chart from lower left to the upper right…
This bullish trading pattern points to a further advance, because stocks that make a series of two or more higher highs and higher lows reliably continue on in an upward trend.
But it’s important to note that strong stock rallies have pullbacks along the way.
These pullbacks present a buying opportunity for us.
Purchasing BAND after a 3 to 5% price pullback has provided a good entry point for the stock during this run and has produced a healthy return.
We’ll keep watching BAND as it tops its previous highs and waiting for price pullbacks.
Editor, Chart Of The Day