Chart of the Week: Sharkninja
Good morning everyone. Happy Wednesday. It’s time for our chart of the week, and we’re gonna focus in on new name – my little assistant over here Tony – called Sharkninja. SN is the symbol. Who knew that an appliance company would be one of the top trading names in the market, but it is.
So let’s take a look at Sharkninja over here.
So it’s got a really nice pattern of a double bottom over here. And you can see that it came down and hit a bottom here in March, rallied back about a little more than halfway, came back down and tested that low, and made a run right back up higher. We’ve got the W pattern.
And now it is in a cup and handle pattern over here, and we’re starting to move right back up again through that old high of about $157 would be super bullish here right now.
We see the stock is kind of taken a breather over here after a great run in May, from about $102 to $153. That’s about 50% in about a little over two months.
We see MACD also on a bear signal right now. But again it’s just that the stock has just slowed down a little bit and the moving averages have slowed going up.
We see clearly the stock is in bullish formation here above the 50 day moving average, above the 200 day moving average, which is down at $115.
We also see the very strong money flow here.
And then down on the bottom we see the Chandy trend meter continuing to stay above the 70 level, and that is bullish for this stock as well.
Could go sideways a little bit, and maybe down over here start making higher highs, higher lows, and then once it gets above that $157 level I think we’ve got some room, probably to $175, $180 or so.
But take a look at Sharkninja; SN.
Thanks so much for watching everyone, and I’ll see you guys next time.
