This stock is Flexing it’s strength. $FLEX – September 29, 2023
This is Scott with your Chart of the Day. I want to take a look at Flex Limited ( NASDAQ: FLEX ).
Flex ( NASDAQ: FLEX ) has been flexing its strength with some really nice price action in the last couple of days. You can see how, on Thursday, we had a massive move right back up to the 50-day moving average. And today, we closed above that 50-day moving average and did it on higher-than-average volume.
There is some definite strength coming into this stock. And although it is a little choppy lately, if I flip over to a weekly time frame you can see it smooths out the volatility a little. You can see how we broke out of this clear resistance zone that had been holding all year long.
It did it in May this year, it marched up the 8-week exponential period moving average, came back, back-tested this breakout, and has held it with conviction, because it tested it twice and rejected that breakdown for a move back up to resistance.
Now, from a weekly standpoint, I definitely think you want to watch for a move above today’s or this week’s intra-week high right around that 27.30 level. Maybe set an alert on this right around 27.30 for a continuation move and that would bring it, on the daily chart, above this clear downward-sloping trendline of resistance.
This is definitely a stock that I want to keep an eye on into next week just based on its relative strength in the market, versus, a lot of other stocks right now.
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