Santa is on vacation now but $ELF is still working. – December 28, 2022ELF
This is Scott with your Chart of the Day. Christmas is over and we are all looking forward to New Years but I keep coming up with this elf on my chart.
This is e.l.f Beauty ( NYSE: ELF ). This is a stock that I pulled directly from our Active Trading Forum at StockMarketMentor.com. We have traders in our forum working this stock as we speak, and you can see why. It is in a nice uptrend and is above all the major moving averages, which is a lot in this market.
It is hard to find stocks that are doing what this stock is doing. Maybe it has to do with beauty supplies and guys buying their significant other makeup. Or girls buying their significant other makeup, whatever. The point is, the stock is in an uptrend and above all the major moving averages.
I see clear support right now right around that 21-day exponential period moving average. And we have some clear resistance right around that 56.70 zone. You can see how back in late November it tried to get above and couldn’t. It pulled back but it held support right around that 21-day.
This is definitely a stock that I think you should be watching even if you are not trading it, just because it is definitely outperforming. And if we do get a little end-of-year short covering, since this one is already near the highs, we could see some volume into this stock.