Arista Networks Could Be Fighting Higher
Only six members of the S&P 500 hit new 52-week highs last Thursday. (It was the fewest since March 17, according to TradeStation data.) Let’s consider Arista Networks, one of that small handful of names.
The first pattern on today’s chart is the bullish gap on August 1 after quarterly results beat estimates. ANET not only held those gains as the broader market fell this month. It’s also made higher weekly lows. That may suggest that a new uptrend is taking shape.
Next, the tech company jumped to new highs on August 24 after Nvidia spurred optimism toward artificial intelligence (AI). It was swept lower along with most stocks, but it’s now trying to stabilize near the previous peak from May 30. Is old resistance becoming new support? Prices have additionally tested the 21-day exponential growth moving average (EMA) -- a potential trend indicator.
If ANET manages to hold this price zone through the volatile Labor Day period, traders may look for more upside into September.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the bullish gap on August 1 after quarterly results beat estimates. ANET not only held those gains as the broader market fell this month. It’s also made higher weekly lows. That may suggest that a new uptrend is taking shape.
Next, the tech company jumped to new highs on August 24 after Nvidia spurred optimism toward artificial intelligence (AI). It was swept lower along with most stocks, but it’s now trying to stabilize near the previous peak from May 30. Is old resistance becoming new support? Prices have additionally tested the 21-day exponential growth moving average (EMA) -- a potential trend indicator.
If ANET manages to hold this price zone through the volatile Labor Day period, traders may look for more upside into September.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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