With so many stocks looking sluggish, Nutanix ($NTNX) stands out in the crowd. – April 10, 2024
Dan Fitzpatrick here at StockMarketMentor.com. We got a pretty crappy market today, it’s still tagging along the 50-day moving average, but this is really, really heavy. Everything looks really heavy on the NASDAQ ( INDEXNASDAQ: NDX ) I think there’s probably a rotation going on into other sectors. Energy has been going on for a while, and it continues to do so, yet here we are.
If we look at the software index ( BATS: IGV ). This has been trending below the 50-day moving average for long enough, to where the 50 MA is now starting to trend downwards. So the IGV is definitely in rollover mode. But that gives us Nutanix ( NASDAQ: NTNX ) here, which is still doing pretty well.
My suggestion is on this, and we’ve had this on our Active Trade List for a while. We’re up a little bit, not a lot, but I’ll take a little bit over none at all, any day. This has been working really, really well. It’s given us a really good, just a really good pattern here. Coming out of this high squeeze, a breakout, and then a very long multi-week drifting sideways to down pattern, to test the 50-day moving average.
It passed that test and now this has formed a little bit of a higher channel here. And so my suggestion on this is, if the stock breaks out above this level, that’s when you want to buy the stock. And just expect it to do what it’s done before; it consolidates, breaks out, and goes. It consolidates, breaks out, and goes. It consolidates, breaks out, and goes.
That’s what I’m looking for here on Nutanix ( NASDAQ: NTNX ). And my suggestion is, that you look for the same.
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