Earnings Breakout on $EXP – January 25, 2024
This is Scott with your Chart of the Day. I want to take a look at Eagle Materials ( NYSE: EXP ).
This is a stock that I took from our Active Forum, it is one that I saw mentioned in our Forum today. Eagle Materials ( NYSE: EXP ) materials had earnings. Now, we are getting into earning season, it can be a roll of the dice. So typically, we advise people to have a cushion if they’re going to hold a position in earnings because, really, anything can happen.
Eagle Materials ( NYSE: EXP ) had a positive earnings report and you can see that the market liked it. We had a nice push down under the 8-day exponential period moving average and pushed into a new all-time high. If I zoom out here, this is a nice long choppy trend but it’s going in the right direction.
While I think this is a positive move here for Eagle Materials ( NYSE: EXP ), I will note it is a bit extended above that 8-day exponential period moving average, that’s the orange like here on the chart.
If you don’t have a position I would definitely look for a bounce off that 8-day here. And if possible, use that 21-day EMA as your stop-loss level. Because at least in this sequence from one earnings report to this one, it hadn’t really closed below that 21-day, that’s the blue line on the chart.
So I would definitely recommend keeping an eye on Eagle Materials ( NYSE: EXP ), and using that 21-day as your reference.
Free Chart