Here’s Your Trade on Applovin ($APP) – July 3, 2024
Dan Fitzpatrick here at StockMarketMentor.com. I’m looking at Applovin ( NASDAQ: APP ) today.
This was a stock that I mentioned on SiriusXM Business Radio this morning. It’s a high-growth company. They lost money last year, like a four-cent loss. This year they are slated to gain like 21 cents a share. That is such a massively huge turnaround here. I like the way this stock is trading, I put it on our Active Trade List today, I put it on at the close, and that’s when I got around to looking at our stocks.
I would not buy it right here though. If you want to take a little bit of stock, go ahead. Take a little bit, but it’s up here at this level. I think that to start a position is totally cool, but waiting a bit, and hoping that the stock pulls back a bit to the 20 or the 21-day moving average, anything like that (I know hope isn’t a good word but I’m using it here), that would be a better time to be buying this stock.
Here’s what you’ve got to know about trading, you are going to see stocks that you say, Well wow, I want to buy this stock. That’s your decision, I want to buy this stock. Now, after you’ve made that decision you have to take action, which requires a different decision. Do I want to buy this stock right now? Most of the time when you decide that you want to buy the stock, you’re not going to decide to buy it right now.
You are going to be waiting for an opportunity to get it at the right price. So as I look at this, this stock has formed a really, really nice shallow cup. It would be wonderful to see this stock start printing a little handle here, starting to come back a little bit, and maybe test the 50-day moving average before finally moving out to the upside.
That’s what I’m looking for here, the right side of the cup. Hopefully, we get a little pullback on lighter volume. You can see the light volume that we’ve had over the last three trading days, today, duh, half day. But I like the way the stock’s trading, and I think you are probably going to make some money on this.
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