Shockwave just needs a little jolt. $SWAV – June 13, 2023
This is Scott with your Chart of the Day. As the market rally continues I have been scouring my scans for stocks that aren’t extended above some of their key moving averages. And I found ShockWave ( NASDAQ: SWAV ).
Now, ShockWave ( NASDAQ: SWAV ), I think, just needs a little jolt. It just needs a little electricity into this stock to get going because this pattern is pretty juicy. You can see this long cup and now it is building a handle. This handle has been going sideways here for almost 2 months.
If I zoom into the local price action we can see a little bit of a pinching pattern here. Where it goes tight like that, a series of lower highs, but also, it is giving you a little series of higher lows. And so I want to see if ShockWave ( NASDAQ: SWAV ) can burst above that level with a nice pickup in volume.
And so I think the level to watch here in ShockWave ( NASDAQ: SWAV ) is around that 296.00 zone. I recommend setting an alert, on your charting platform, right around 296.00 and then looking for this to move higher.
We had a nice little pickup in volume here, today could have been a good day to start a position and then you are adding, with that confirmation higher. I like that this has a beautiful cup and handle and it is not extended like a lot of charts are in the frothy market.
Free Chart