Here’s the level we think is important on $MDB – June 26, 2023
This is Scott with your Chart of the Day. I want to take a look at MongoDB ( NASDAQ: MDB ).
Now, MongoDB ( NASDAQ: MDB ) was a stock that we looked at in our live session today with myself and Dan Fitzpatrick. Today someone asked about MongoDB ( NASDAQ: MDB ), and this stock really caught the eye of our founder, CEO, and main trader, Dan Fitzpatrick.
The reason is that it has really just kind of been going sideways. And so when the entire market has been pulling back over the last couple of days, Mongo ( NASDAQ: MDB ) here, hasn’t done anything.
You can see it gapped up on earnings here, they had an earnings beat and a guidance raise. And the sellers, have since, not really let go of the stock, they have held onto the stock. You can see that here on the chart because it is holding up above all the major moving averages.
This is definitely a stock that we want to keep an eye on because it didn’t gap up and crap down, as Dan will often say. It gapped up, held the gap, and now it is just consolidating this move. And this a huge move, this is a monster 28 percent move up and a $300.00 stock, you don’t see that too often.
There is news out today that they might benefit as Cloud spending ticks up. And so again, the sellers aren’t really, really aggressive here. They are just kind of holding on to their stock and waiting. And so I think a clear level to watch on this stock is right around that 400.00 zone.
You can see how it bumped up against that 400.00 level a couple of times, it hasn’t really been able to get above. And so I think that is a clear level to have an alert on this stock. I am going to set one here for a month. Although, I probably won’t need it for that long, depending on the market.
But I think 400.00 is the key zone here on MongoDB ( NASDAQ: MDB ), and I think that is a stock that you should definitely have on a watch list. And look for that breakout higher and continuation of what seems to be a pretty strong uptrend.
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