chuckination

TNET: Bullish Breakout

Long
NYSE:TNET   TriNet Group, Inc
I've been watching TNET since their massive 1-day spike of 23% back in February, and they've been flat in a horizontal channel since. That was a strong clue that I needed to be patient and wait out for a break out on them. Well, it's happening now and the prices are breaking out of that channel in an upward trajectory. TNET starting bubbling last week the market rally, and it appears to be continuing ahead. They were also completely untouched from any bad news in May, and they're making solid profits from a fundamental perspective.

For technicals, everything is bullish . Moving averages have a strong 50-day over the 200-day , and the 50-day rose to put the squeeze on the 20-day with the 20-day finally diverging upward. MACD continues positive but has started to accelerate upward on the histogram. ADX shows a trend in place with DI- crossing ADX downward last week and DI+ strongly diverging upward above ADX showing the the trend is good and is only beginning to pickup steam. Relative price strength is high but not yet overbought. Rate of change is also breaking upward and money flows are starting to move into the security. There's no short squeeze happening and it seems that this stock scares the pants of the bears.

I put into this in the morning on Tues adjusting my industrial holdings, and their growth resembles a tech stock more than a industrial which makes sense with their cloud and online offering of HR services.
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