Go Sports! Let’s look at $ASO leading up to Earnings Tomorrow – December 6, 2022
ASO
This is Scott with your Chart of the Day. There aren’t too many good-looking charts in this market, let’s be honest. The ones that are looking good kind of have earnings coming up.
This one right here; Academy Sports and Outdoors ( NASDAQ: ASO ). Now, in a bull market, this would be a buy all day long, pending earnings weren’t around the corner. This is a great-looking setup. It is near the 21-day exponential period moving average, which has acted as support over the last month.
It is in a nice downward-sloping trendline channel and it’s right near the highs. If I zoom out here you can see it actually got above the high from November of 2021. It got above, couldn’t hold above, but it just kind of pulled back into support here. So this is definitely one that I am watching into tomorrow if it does get a positive earnings reaction because we have this clear channel right there.
And so you know, you want to be long the stock if it can get above and close above. And you don’t want to be if it gets above and flushes down. So this is definitely one that I am watching for a positive earnings reaction into tomorrow, and I think it might be worth adding to your watch list as well.
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