Appen has experienced strong growth over the last few months hitting new Highs in the stock, off the back of profit upgrades and improving market sentiment. This months US earnings have shown that US tech stocks are performing well, however we are still early in the reporting season. Furthermore trade talks are between US and China are ongoing, with the market forming the view that a deal will be reach as a no deal would be detrimental to both countries (more so China with its slowing growth. President Xi, has doubled down on removing risks in their market, a sign that not is all is well in their economy).
RSI has popped out of channel with impending MACD crossover. New support could be at $14.30, which will be a good entry point.
NB: Stock could still hit new highs with quarter earnings report, this would be positive catalyst followed directly by a short.
RSI has popped out of channel with impending MACD crossover. New support could be at $14.30, which will be a good entry point.
NB: Stock could still hit new highs with quarter earnings report, this would be positive catalyst followed directly by a short.
Comment:
Very strong price movement. Is it sustainable?
Comment:
It appears traders have taken the channel of the peaks as the target price. This could actually hit $18. Yes missed profits however, important to play by your trading strategy and rules.