As the Election Approaches time to bet on Bush

• Posted by Greg Harmon
• on April 6th, 2016

Yes I know that Jeb has dropped out of the race for the Republican nomination for President. It is Jonathan Bush that I am talking about. Jonathan is Jeb’s cousin and CEO of Athenahealth ($ATHN). Athenahealth offers cloud-based services for healthcare and point of care mobile apps. And it is headquartered in Watertown Massachusetts (where my wife lived when I first met her).

The stock is what is most interesting to me. After basing in what turned out to be a topping consolidation from November to January, it fell to a low of 114 in February. Since then it has been making higher lows against resistance at 140, creating an ascending triangle. A break of this triangle would target a move to 165. Right back in the center of that prior consolidation.

Momentum is picking up for the stock. The RSI is toying with a move into the bullish zone over 60, while the MACD is crossed up, positive and rising. Both support a move over the trigger. What has been the sticking point so far for this stock has been an inability to move over its 200 day SMA. That is where it is stalling on the past 3 day consolidation. Two things to look for: A move over 140 and a move over the 200 day SMA and then maybe Athenahealth stock will head to the clouds as well.

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