SKYY tracks the ISE CTA Cloud Computing Index (CPQ), and on this weekly view looks like one of few possible V-bottoms.
A few points to note:
- SKYY's current bottom actually took place March 16th; a calendar week before most equities
- We've had a 35% pop since the 16th (more than half of the nominal decline)
- And closed out last week with:
- absolutely monster volume
- right on a resistance level touched three times in the past 52 weeks
On the chart, I do not see a reason against SKYY blowing through its current price level at resistance; possibly gaining another 13% to get back to its all-time highs. First target is around the $65 level gap. Off the chart, you have to wonder whether AMZN & MSFT can keep making new highs, pulling SKYY along with it.
Ultimately, the chart shows bullish to me; will enjoy watching it this week.
A few points to note:
- SKYY's current bottom actually took place March 16th; a calendar week before most equities
- We've had a 35% pop since the 16th (more than half of the nominal decline)
- And closed out last week with:
- absolutely monster volume
- right on a resistance level touched three times in the past 52 weeks
On the chart, I do not see a reason against SKYY blowing through its current price level at resistance; possibly gaining another 13% to get back to its all-time highs. First target is around the $65 level gap. Off the chart, you have to wonder whether AMZN & MSFT can keep making new highs, pulling SKYY along with it.
Ultimately, the chart shows bullish to me; will enjoy watching it this week.