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  • Writer's pictureT. Livingston

MBLY Looks Like A Leader

After the market made its' bottom and capitulation took place in March, I've been on the lookout for new market leaders. While I am currently fully invested in my long-term S&P 500 index account, I hadn't seen the strength I wanted out of individual stocks recently to warrant much exposure. I am starting to see some positive signs though. I took a position in FSLR today as it emerged with volume coming in.

Recent IPO Mobileye Global (MBLY) also posses many positive fundamental and technical traits and looks like it could be a key leader in the new bull market. First and foremost, it is in the semiconductor space which is currently IBD's number one ranked group. In addition, MBLY has produced accelerating sales and strong earnings growth over the last three quarters. In addition, it is estimated to have a strong 2024. These are the type of attributes that are likely to attract fund managers and large institutions.

MBLY's chart looks just as robust. The large volume bars on the weekly chart are a clear sign of accumulation as is Mobileye's uptrend during a bear market. The stock looks to be forming a base on base pattern. I will look to start a position should it emerge with conviction in the coming weeks.

Risk right. Sit tight.

To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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