StoSto
Long

Avigilon: Bounce off support & oversold RSI

TSX:AVO   Avigilon Corporation
130 0 1
Avigilon fell in early May due to a CFO departure that occurred the day before earnings. Earnings were still positive and beat all expectations but investors were spooked sending the stock down over 25%. Avigilon rallied back towards previous highs but ran into trouble with the most recent quarterly release that were reported after hours on the 7th. Revenue was strong but profits were below the median analyst estimate. As a result the stock fell 15% that day and continued to drop throughout the next week of trading. It recently appears to have bottomed at $18 like it did in May. We have the stock bouncing off the support level and the RSI giving an oversold indicator. I like the company fundamentally and believe this is a time to load up on shares.

I have a short term trading target of $25.
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