Netsuite Heading to the Clouds
- Posted by Greg Harmon
- on June 30th, 2014
The tech sector and in particular the cloud space has been a rocky place to be. But one stock Netsuite, $N, looks ready to head higher towards the clouds. Take a look.
The stock pulled back from a high at 120 to end February and went through a basing period from April through to now. That price action has made a bullish Cup and Handle pattern (in orange) which will trigger for a long position over the prior resistance (red line) at 87.50. This pattern targets a move higher to 103.50. But what makes it even more exciting is that if it gets to the April peak at 96.80 it will create a bigger Cup and Handle pattern with a target higher to 122. And at the March peak at 107.24 another one with a target of 143. Its kind of like that comic where there are a series of bigger fish gobbling up the smaller ones in front of them. Are you hungry?
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)