IOT: Next true market leader? Company possess good internal qualities to qualify for TML (true market leader) characteristics and to be among performing stocks in new bull market (if we see one in coming year(s)).
Among these qualities are:
1. Increasing triple digit earnings growth last two quarters in a row;
2. Consistent double digit sales growth 4 qrt in a row;
3. Analyst covering the coming are expecting it to become profitable from 2024, thus good rising eps targets;
4. Number of institutional sponsorship is increasing 4 qrt in a row;
5. Management owns 5% of the company;
6. Company is in top group and sector (IBD ranking).
Chart is also showing signs of institutional accumulation is under the hood with strong weekly closes on volume pick up.
Structurally speaking, we may see first impulsive wave structure - waves (1)-(5) - with double bottom corrective structure - wave (2) - are in place.
In this structure holds true, price needs to stay above local Jan low and move confidently to next mid-term resistance zone of 41-48. Clearing 48 border will open the door for the path of least resistance towards next macro targets: 78-108, 130-176 and 213-290 areas.
Wishing you profitable 2024 and thank you for your attention!
