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.
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