Here’s how to take a bite of SharkNinja $SN – December 5, 2023
This is Scott with your Chart of the Day. I want to take a look at SharkNinja ( NYSE: SN ).
Now, you have probably heard of SharkNinja ( NYSE: SN ), Shark ( NYSE: SN ) is a vacuum company. It’s the vacuum you buy when you can’t afford a Dyson. They make similar vacuums much cheaper, but I don’t know about the quality. They typically sell them in department stores, hardware stores, and stuff like that.
They went public this year and the stock has, actually, been acting nicely ever since it got over its initial IPO, whip and flop. This is typically why I don’t like trading IPOs on the first day. I like to see the stock settle into a short-term trend of some kind.
You can see how this whipped around in early August right when it went public, and then just crept up above that 8-day, and then finally captured the 21-day as it developed and just trended nicely.
Now, here in December, we are just going sideways along these key moving averages. It is above the 50-day, it’s holding the 21-day and it is, actually, quite near its IPO enthusiasm high of around $53.00. Now, that price, there, is a bit extended above this 8-day exponential.
Typically, I like to buy closer to the moving averages, but I can see a little bit of a flag pivot here. If I draw a downward-sloping trendline right there, you can see it is just kind of flagging nicely. We have clear support right at that 21-day.
And so I would look for a strong move through that level, coming on higher than average volume. That could trigger a buy opportunity for me on this stock. So maybe have an alert right around the 49.40 level, and I am going to look for a strong move through that level, coming on volume.
That’s a quick trade on this new SharkNinja ( NYSE: SN ) IPO and I hope you found it helpful.
Free Chart