Applovin is a stock I believe has the potential to be a true market leader in 2022. As it has delivered strong fundamentals and solid price action since its' IPO in April, I made a note to keep it on my watchlist throughout 2021. Applovin helps app developers to market and monetize their apps.
APP has delivered very strong earnings and sales over its' last two quarters and is estimated to have a breakout year in annual earnings in 2022. Insiders still own over 5% of its' shares which is a bullish sign and fund ownership has been increasing which shows institutional interest.
On its' weekly chart, APP looks to be forming a base on base pattern. This makes sense given the weakness we have seen in the Russell 2000 over the past ten months. These type of patterns usually develop during a weak market environment-it's almost as if the stock is biding time, waiting for conditions improve. Should APP clear recent resistance, I will look to take a position.
Risk right. Sit tight.
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