04Jun12:24 pmEST

Paint the Classic Picture

MINDBODY Inc., which provides cloud-based business management software for the wellness services industry, has been a favorite of ours for several years now. And with the recent surge in enterprise software stocks in general, MB becomes all the more attractive on all timeframes. 

On the updated MB daily timeframe, below, we have a classic technical picture being painted of prior resistance, around the $36 area, which figures to have converted into newfound support. Naturally, this is a bullish development which fits neatly into the overarching uptrend and growth prospects of the entire industry, let alone a niche winner like MB. 

And despite the 4.3% move higher today, MB looks far from extended or overdone, as it may just be starting a fresh leg higher, alongside several other software plays we have been tracking which have spend the last month or basing sideways rather benignly. 

Elsewhere, I see WYNN is getting sold aggressively as Macau gaming revenue was weaker than expected. We sold our long-term WYNN positions inside the VIP service a while back and will stay out of the way for now. However, we have our eyes on other gaming plays for Members which are very much in contention to emerge as new school leaders in the industry.

More on that in my usual Midday Video. 

Surviving the Storm Stock Market Recap 06/04/18 ...

 
BackToTop
 

This website is intended for educational purposes only. | © 2024 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site