Software database company MongoDB (MDB) currently exhibiting many traits similar to past market leaders. First, it has delivered extremely strong earnings over its' past six quarters. In addition, it has a consistent record of producing strong sales growth. What's nice to see is that MDB is also estimated to deliver monster earnings in 2024, a sign that the best may be yet to come.
MDB looks to be forming a cup and handle base on the weekly chart. In addition, the monthly chart is also shaping up quite well in a base. It looks to me like MDB has been under accumulation by many funds over the last year. Funds and institutions are attracted to stocks like MDB which produce strong earnings and the skyscrapper volume and sustained price move that began in 2022 can only be produced by buyers with enormous buying power. I will be monitoring MDB closely in the coming weeks for a potential buy.
Risk right. Sit tight.
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