Which timeframe is the money maker on $MDB and $AXON? – February 9, 2024
This is Dan Fitzpatrick, StockMarketMentor.com, with FITZ IN FIVE. I want to look at MongoDB ( NASDAQ: MDB ) today.
This is a stock that Cramer featured on Monday. He had asked me over the weekend which stocks I liked. I told him that aside from NVIDIA ( NASDAQ: NVDA ) and SMCI ( NASDAQ: SMCI ), both of which are still in the Fitz Fave categories, I liked Axon ( NASDAQ: AXON ) and then MongoDB ( NASDAQ: MDB ). He decided to go with MongoDB ( NASDAQ: MDB ) instead.
On our Active Trade List, we went for both of them, both of these things are doing well. But what I want to do here is, give you my take on two different timeframes on both of these. You can see how on Axon ( NASDAQ: AXON ), this thing was really poised and ready to run right here. It was squeezing right along the 50, and so you’re looking for that kind of move higher, and then it’s off to the races.
MongoDB ( NASDAQ: MDB ) kind of gave you the same thing. You can see this was in a similar thing right here, boom, just breaking out above here. And so both of these showed really good price action on the daily charts. Well, this is what I want to look at, on the weekly chart this is what I had pointed out to Cramer. When you just look at the weekly chart you can get a clearer sense of what the stock is actually doing.
This had a nice turnaround here, obviously, this resistance was right here around 450.00 or so. Once the stock breaks out above there, we’re looking for the next move higher for the next target. As you can see I’m looking at mine as 450.00. Now Axon ( NASDAQ: AXON ), the same thing here. I took all the mud off of this, there’s nothing extraneous on here, not even the grid with the date and the price.
We just have two key moving averages, the 10 and the 40-week moving averages and that’s it. You can see where, if I’m looking at this stock I don’t recall ever seeing a chart that then did this, that had this kind of price action and then just broke down. And the next thing you know all the bulls got killed, they got eaten by the bears, I just haven’t seen this. So instead, I look at this and I just want to be long the stock.
I don’t want to be looking at this anymore because I’ll just get shaken out by things. I just want to be long this stock and not micromanage it. Between 9:30 and 4:00 on the weekdays, I’ll let everybody who’s trading the stocks then do with my stock whatever they want, I’m just going to stay long. And as long as this trend continues to go up on the weekly chart, I’ll do something else other than try to make something happen. Something already is happening, let’s just let it happen.
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