Weave Communications Shows Institutional Accumulation
Weave Communications (WEAV) looks like it is currently seeing large buying by institutions. When we look at its' chart over the last three months, you can clearly see the large accumulation bars on the weekly chart. Like PLTR, this is not your "Aunt Suzzy" buying; it is funds and institutions coming in to purchase the stock.
WEAV had its' IPO in late 2021 right before the market entered into a bear market. Consequently, it corrected all the way down to around $3. However, since May, WEAV has run up to close to $12 on massive volume. Clearly, something good is going on. Even though WEAV does not currently have positive earnings, I've found it's best to always let the chart have the final say. WEAV is currently setting up in a high tight flag pattern. I will be looking to open a position should it break out with authority.
Risk right. Sit tight.
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Full disclosure: I currently own PLTR.
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