Did You Capitalize On This Earnings Call?
by Mike Paulenoff
July 25, 2020 • 12:48 PM EDT
In his Trading Room this week, Mike Paulenoff alerted members to the budding bullish technical potential of Edwards Lifesciences (EW), which was trading at 74.11 at the time of his alert on Monday July 20.
He noted a very positive technical set-up challenging an 8-month resistance line that cut across the price axis at 76.10. He also noted a potential catalyst in the company's upcoming Thursday July 23 earnings release, writing: "If the current chart set up is whispering to us about a directional outcome ahead of or in reaction to earnings, the message is HIGHER."
By Wednesday, EW had thrust above the resistance line to a multi-month high at 78.56, and on Friday it got to as high as 80.50 (+8.6% above its price at Mike's Monday alert) in reaction to an earnings beat on EPS, in-line Revenues, and raised EPS guidance for Fiscal Year 2020.
Where is EW headed next?
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Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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More Top Calls From Mike
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While citing the event risks associated with a volatile biotech name in the Covid-19 space, he wrote: "The increasingly compelling near- and intermediate-term technical set up spanning the past 4-/12 years represents a massive accumulation period that is occurring for a reason.
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In his Trading Room a week ago Friday, Mike Paulenoff mused about whether traders would start to bid up the lagging IWM (Russell 2000 Small Cap ETF) like they were doing Big Tech.
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In his Trading Room this week, Mike Paulenoff highlighted Sonos, Inc. (SONO) on Monday when it was trading at $12.99.
Mike liked the stock's powerfully developing 18-month base formation that was propelling it from its March low at $6.50 towards a confrontation with multi-month resistance at $16.00-17.00.
As fate would have it, a bullish report was issued by a well known independent research firm, which placed a $30 target on SONO.
In his Trading Room early this week, Mike Paulenoff wrote that Slack Technologies (WORK) looked poised to hold key near-term technical support at 29.50 off of its June 3 high at 40.78, and to turn up to challenge and take out key near-term resistance at 32.75-33.60.
Mike's analysis was informed by a combination of the chart and the potential impact of growing Coronavirus cases on demand for work-at-home technology platforms.
WORK was trading at 30.
