Watch $FROG to leap over this price – March 26, 2024
This is Scott at StockMarketMentor.com with your Chart of the Day. I want to take a look at JFrog ( NASDAQ: FROG ).
This is a stock that one of our members asked about in a recent live webinar with myself and Dan Fitzpatrick. I wanted to take a look at the stock today just to see if it changed its character at all, because yesterday, when this stock was asked about, it was just chopping around this 21-day, it was on this day here, this red day, down to the 21-day.
We said, you know what? It looks to be in consolidation. And I still think that JFrog ( NASDAQ: FROG ) is in consolidation, but I would like to see it leap over that level right there, right around 45.40. If it can get above and stay above 45.40, it could come up to challenge one of these previous highs up here at around 48.83.
Anytime we are in a bunch of consolidation here, I like to zoom out, typically, and just see if there is any price history that the stock may be digesting, If I zoom out here on JFrog ( NASDAQ: FROG ) we can see some past history from back here around this price level in 2021. You can tell that this level, this zone, was really kind of a battle zone before the breakdown.
Ideally, we want to see this being a battle zone before the break out. And so, as I said, I would probably want to have an alert on this right around $45.00; look for a strong move through that level, coming on volume. I currently see support right down here, near that 21-day EMA.
You could probably get a little started here, a small position, one share, whatever it is. And then add with a strong move through 44.00-45.00 with volume. And then have a definite breakout alert up here at 48.80. That’s how I would look at JFrog ( NASDAQ: FROG ). There’s not much to do right now, but I think it has some potential if the market can firm up.
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